When the White House asks you to spend more money somewhere, most companies at least pretend to think about it. Not Chevron Corporation (CVX). The oil major told the Financial Times on Friday that it's keeping its Venezuela spending exactly where it is, thank you very much, despite President Donald Trump's very public push for more investment in the country.

The Company Is Playing the Long Game

Finance chief Eimear Bonner was pretty direct about it: no increase in capital spending for Venezuela this year. But here's the interesting part—Chevron is currently pumping 250,000 barrels per day from the country and sees potential to grow that by up to 50% over the next 18 to 24 months. The catch? They need additional U.S. government authorizations to make it happen.

Translation: Chevron is willing to produce more oil, but it's not throwing more capital at the problem until the regulatory landscape gets clearer. The company's capital expenditure guidance for 2025 remains unchanged at $18 billion to $19 billion.

CEO Mike Wirth chimed in Friday, saying Chevron would "continue to engage" with both U.S. and Venezuelan governments to advance shared energy goals. He pointed to the company's centuries-old connection to Venezuela, which makes sense—Chevron is currently the only American oil major with boots on the ground there.

Speaking of boots on the ground, Chevron delivered some solid financial news on Friday. The company's fourth-quarter adjusted earnings came in at $1.52 per share, beating Wall Street's $1.45 consensus estimate. That's down from $2.06 a year earlier, sure, but better than expected. Revenue fell 10% year-over-year to $46.87 billion.

The Early Movers Aren't American

Chevron's cautious approach comes as Venezuela's oil industry attracts fresh attention following the ousting of former President Nicolás Maduro. The Trump administration has been vocal about wanting American companies to jump in, and major players like Chevron and Exxon Mobil Corporation (XOM) are evaluating their options.

But here's the twist: despite Trump's assurances and encouragement, Treasury Secretary Scott Bessent admitted that major oil companies weren't exactly rushing to invest. And the first companies to actually secure business in Venezuela? Dutch trader Vitol and Singapore-based Trafigura—both non-U.S. entities. They've obtained preliminary licenses to negotiate and export Venezuelan crude.

Meanwhile, Secretary of State Marco Rubio laid out the administration's game plan during a Senate Foreign Relations Committee hearing on Wednesday. The U.S. will soon allow Venezuela to sell oil currently under sanctions, with the revenue initially directed toward basic government services like policing and healthcare under Washington's watchful eye. Rubio said interim leaders will provide "a budget" each month detailing their funding needs.

For investors tracking Chevron, the stock has climbed 9.51% over the past year. On Thursday, shares rose 0.74% to close at $171.19. The company's measured approach to Venezuela suggests management is prioritizing capital discipline over politically motivated expansion—which, given the country's complex political and regulatory environment, probably isn't the worst strategy.