Warren Buffett's Berkshire Hathaway owns about 6% of Chevron, the only US oil major currently operating in Venezuela.

Oil producer Chevron is in talks with the U.S. government to expand a key license to operate in Venezuela so it can increase crude exports to its own refineries and sell to other buyers, four sources close to the negotiations said on Wednesday.

Chevron, the only US oil major currently operating in Venezuela, has a “differentiated opportunity among peers to increase production,” Jason Gabelman, an analyst at TD Cowen wrote in a note Friday. Its efforts could add between $400 million and $700 million a year,

Chevron stock faces limited upside as U.S. involvement in Venezuela adds geopolitical risk, weak growth and uncertain oil prices.

Chevron stock and other oil companies were soaring early Monday even as crude prices were only up around 1% following the surprise U.S. operation to capture Venezuelan President Nicolás Maduro.

Chevron , the only U.S. oil major operating in Venezuela, is calling employees back to the South American country as its crude exports to the U.S. resume and it tries to secure normal operations, according to a source and shipping data.

Chevron, trading houses Vitol and Trafigura, and other companies are competing for deals with the US government to export crude oil from Venezuela.

A former Chevron executive is seeking $2 billion in investment for oil opportunities in Venezuela as the U.S. shows interest in rebuilding the country's petroleum industry following the capture of its former leader.

Energy Secretary Christopher Wright reveals how American oil giants plan to help rebuild Venezuela's industry after decades of socialist mismanagement and economic collapse.