Chevron Stayed in Venezuela for 20 Years While Rivals Left. Here's Why Its CEO Says Patience Pays Off.
Chevron's patience is paying big dividends.
Overview
Chevron (NYSE:CVX) just signed a landmark deal to significantly expand its operations in Venezuela. The agreement, which positions the oil giant to double its output over the next five years, is a testament to its patience. "You have to hang in there until all the conditions come together: the technology, the economics, the markets, the politics," stated CEO Mike Wirth in a recent interview with Bloomberg. It stayed long after rivals ExxonMobil (NYSE:XOM) and ConocoPhillips (NYSE:COP) left, putting it in a position to capitalize on this major opportunity to help revitalize Venezuela's oil industry.
Here's a look at how Chevron's patience has proven to be a significant competitive advantage in Venezuela.
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Originally published at www.fool.com.