"Investors are scrambling to identify potential winners from the US capture of Venezuelan leader Nicolás Maduro and President Donald Trump's plan to "run" the nation and deliver an oil boom. Berkshire Hathaway is one contender thanks to its large bet on Chevron, the only US oil major still operating in Venezuela. Berkshire - now led by Greg Abel following Warren Buffett's recent retirement as CEO - is Chevron's largest corporate shareholder with a 6% stake worth about $19 billion."
"Venezuela has the world's largest proven crude oil reserves, but decades of underinvestment in its oil infrastructure mean it only produces about 1% of global oil output. Chevron has secured short-term exemptions to US sanctions on Venezuela, allowing it to produce and export limited amounts of the country's oil. Rivals, including Exxon Mobil and ConocoPhillips, left Venezuela years ago following the nationalization of the country's oil industry and government seizures of foreign-owned assets."
Investors are identifying potential winners from the US capture of Nicolás Maduro and President Trump's plan to 'run' Venezuela and revive its oil industry. Berkshire Hathaway holds about a 6% stake in Chevron, making it the oil major's largest corporate shareholder, with the position worth roughly $19 billion and representing about 7% of Berkshire's US stock portfolio. Venezuela holds the world's largest proven crude reserves but produces only about 1% of global output due to underinvestment. Chevron has short-term US sanction exemptions to produce and export limited Venezuelan oil. Exxon and ConocoPhillips exited after nationalizations and asset seizures. Chevron shares surged, briefly boosting Berkshire's stake value above $20 billion.
Read at Business Insider
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