Mizuho noted in its report that Chevron’s potential expansion in Venezuela may take longer than investors anticipate. Analyst Nitin Kumar said the company is currently viewed as a key beneficiary of the potential rebuilding of Venezuela’s oil industry, but management is likely to take a cautious stance on this during the analyst conference call at the end of the month. Chevron has been increasing production over the past three years, but further expansion could be costly. Kumar noted, “Additional production growth may require capital investment. While this falls on the lower end of the global supply curve (primarily involving infrastructure spending), it still requires a stronger financial framework to ensure the company achieves competitive returns.”