FEATURE | Big Oil earnings set against geopolitical tensions and Venezuela focus

Majors to face questions on Venezuela

Chevron will be in the spotlight on Venezuela because it is the only American oil major currently operating in the country, though the topic will likely come up for all oil firms, said Stephanie Link, chief investment strategist at advisory firm Hightower Advisors, a major shareholder in both Chevron and Exxon.

Venezuelan oil production accounts for one per cent to two per cent of Chevron's cash flow from operations, and the company could add another one per cent to two per cent in the next few years if it grows production, estimated Jason Gabelman, managing director of energy equity research at TD Cowen.

Too many questions remain to determine the longer-term value of Venezuela to Chevron's business, Jean Ann Salisbury, a Bank of America Global Research analyst, wrote in a research note.

"We continue to see Chevron as being in the key position, with existing personnel, relationships, and payment mechanisms in the country...but we would require far more visibility to ascribe value," she wrote.

Analysts said it is unlikely companies will unveil significant detail on potential Venezuela plans, given the long-term timeframe for oil projects.

Shell and BP could look more closely at Venezuela over time because their long-term asset portfolios are weaker than the US firms, Gabelman said.