Chevron Nears Deal for Giant Venezuelan Oil Fields

Chevron (CVX) is reportedly close to securing operating rights for massive oil fields in Venezuela's Carabobo region, containing billions of barrels of heavy oil reserves. The deal would be the largest among several expected agreements as the Trump administration seeks to boost U.S. investment in Venezuela's oil sector following a new government accord.

Why it matters: CVX shares extended gains overnight, building on Tuesday's 2% rally, as the company looks to significantly expand its Venezuelan operations near its existing PetroIndependencia joint venture.