Ties between California and Venezuela go back more than a century with Chevron

"As a stunned world processes the U.S. government's sudden intervention in Venezuela - debating its legality, guessing who the ultimate winners and losers will be - a company founded in California with deep ties to the Golden State could be among the prime beneficiaries. Venezuela has the largest proven oil reserves on the planet. Chevron, the international petroleum conglomerate with a massive refinery in El Segundo and headquartered, until recently,"

"Other major oil companies, including ConocoPhillips and Exxon Mobil, pulled out of Venezuela in 2007 when then-President Hugo Chávez required them to surrender majority ownership of their operations to the country's state-controlled oil company, PDVSA. But Chevron remained, playing the "long game," according to industry analysts, hoping to someday resume reaping big profits from the investments the company started making there almost a century ago."

Chevron remains the only major foreign oil company still operating in Venezuela and is the largest foreign investor there. Other international firms left in 2007 after a Venezuelan policy shift requiring majority control by the state oil company PDVSA. Chevron maintained operations, investing for long-term returns and keeping a refinery presence in California. The U.S. government signaled intentions to open Venezuela's oil reserves to American corporations after a forceful intervention that removed President Nicolás Maduro and led to extradition on drug-trafficking charges. U.S. officials described plans for U.S. oil firms to repair infrastructure and profit from Venezuelan oil.

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