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US oil giants say it's early days on potential Venezuela boom
ExxonMobil and Chevron stress the need for fiscal and legal certainty before expanding, with Chevron producing 200,000 barrels daily and potential growth of 50%, executives said.
- ExxonMobil and Chevron said recently they are awaiting greater fiscal and legal stability in Venezuela before expanding, following U.S. control earlier this month.
- On Friday, ExxonMobil CEO Darren Woods said his comments at the White House aimed to highlight significant challenges before companies can expand in Venezuela, which he described as uninvestable.
- During earnings week, both companies reported lower profits, with ExxonMobil earning $6.5 billion and Chevron profits of $2.8 billion, while production volumes increased.
- Markets reacted, with ExxonMobil shares falling 1.1 percent while Chevron climbed 1.5 percent after Trump jeered at Woods's cautious remarks and threatened to block business.
- With parliament reforms in place, companies say fiscal terms matter; they review a new hydrocarbon law, as Venezuela's parliament adopted reforms Thursday.
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US oil giants say it's early days on potential Venezuela boom
ExxonMobil and Chevron said Friday that they were awaiting signs of greater fiscal and legal stability in Venezuela before significantly shifting their approach to the oil-rich country.
·Cherokee County, United States
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ExxonMobil mulls working in Stabroek Block nearer Venezuela
Last Updated on Friday, 30 January 2026, 16:55 by Writer ExxonMobil is considering exploration in the Stabroek Block nearer the border with Venezuela if there would be less military presence there, citing recent changes in that neighbouring Spanish-speaking nation, a top company official said Friday. “Obviously, with the developments in Venezuela, perhaps we’ll see an ...
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Total News Sources40
Leaning Left4Leaning Right7Center13Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 17%
C 54%
R 29%
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