Chevron Stock In Spotlight After Reports Say US To Extend Venezuela License

Chevron (SVX) stock garnered investor attention after reports said that the U.S. was poised to extend the oil and gas firm’s license to operate in Venezuela.

Bloomberg reported that the U.S. was set to give Chevron a 60-day waiver. Chevron produces about one-fifth of Venezuela’s crude oil output.

Trump revoked the license in February after saying that Venezuela had not met the electoral conditions for the permit.

President Nicholas Maduro began a third term in January despite allegations of fraud in last year's election.

On Tuesday, Venezuela released Air Force veteran Joseph St. Clair, whom the government of Maduro detained for several months.

There are still eight U.S. citizens or legal permanent residents who remain in Venezuelan custody, the New York Times reported.

Laura Loomer, a far-right activist, said earlier that the license could be extended. Loomer, seen as close to Trump, had said earlier that the license revocation could hurt the U.S. energy interests.

Royalty revenue from crude oil is essential for Venezuela, whose economy has been severely hit by international sanctions.

While Chevron CEO Mike Wirth had said earlier that if Chevron was forced to halt operations there, Russia and China could step in to fill the void, according to a Fox Business report.

Retail sentiment on Stocktwits was in the ‘bearish’ (43/100) territory, while retail chatter was ‘low.’

Chevron stock has fallen 5.6% year to date (YTD) compared to a 3.2% decline in the Energy Select Sector SPDR Fund (XLE).

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