Chevron CEO cautiously optimistic on Venezuelan-Guyanese border dispute, downplays military conflict risks

Kevin Crowley, Bloomberg December 11, 2023

(Bloomberg) — The border dispute between Venezuela and Guyana is unlikely to escalate into a military conflict despite the growing hostile rhetoric between the South American nations, says Chevron Corp.’s top executive.

“These things are much more often resolved through discussion, negotiation and compromise” than military action, CEO Mike Wirth said Monday in a discussion hosted by the Council on Foreign Relations in Washington, DC. Still, Wirth said Chevron takes the situation “seriously” and is monitoring closely. 

Chevron is the only U.S. oil major to have operations in Venezuela. The company recently agreed to buy Hess Corp. for $53 billion, which would give it a 30% stake in Guyana’s offshore oil development.

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