Exxon Mobil in Talks to Re-enter Venezuela Oil Production After Two Decades

Key Facts

Exxon Mobil is in advanced talks to re-acquire oil production rights in Venezuela, nearly twenty years after its expulsion from the country. According to reports, a deal could be finalized as early as this month, potentially involving contracts for up to six oil fields. The move follows a shift in U.S. policy and encouragement for reinvestment in the Venezuelan energy sector after years of sanctions.

This return represents a major strategic pivot for XOM into a region with the world's largest proven oil reserves, as the company seeks to keep pace with peers like Chevron, which has already secured expanded licenses to operate there. Per market data, investors are closely monitoring mega-cap energy performance amid global crude volatility; Chevron recently reported strong earnings bolstered by Permian Basin growth and international operations. Energy experts suggest that reintegrating majors into Venezuela could stabilize long-term global supply.

Shares of XOM closed at $154.92 (as of May 20, 2026), and traders are watching for official confirmation of the deal as a primary catalyst for the stock. Looking ahead at the economic calendar, key events include the Fed Williams speech on May 14 and U.S. Industrial Production data on May 15, both of which could influence energy demand outlooks and capital expenditure costs.