NEW YORK, Jan 4, 2026, 08:36 ET — Market closed
- Exxon closed Friday up 1.9% as investors brace for Monday’s reopening after U.S. strikes in Venezuela
- Trump said U.S. oil companies would help rebuild Venezuela’s crude industry; Exxon has no current operations there
- Brent settled Friday at $60.75 a barrel; OPEC+ kept output policy steady in a Sunday meeting
Exxon Mobil (XOM.N) will be in focus when U.S. markets reopen on Monday after President Donald Trump said U.S. forces struck Venezuela and captured President Nicolas Maduro. Trump later said U.S. oil companies would help rebuild Venezuela’s oil industry, thrusting the sector into the center of the weekend’s geopolitical shock. 1
The development hit with U.S. equity markets closed, leaving investors to price it through oil when trading resumes. For Exxon, which is not currently operating in Venezuela, the near-term transmission is crude prices and policy headlines, while any direct return would hinge on how Washington handles sanctions, contracts and security. 2
Oil has been struggling to break out of a range amid oversupply worries. Brent settled on Friday at $60.75 a barrel and U.S. West Texas Intermediate at $57.32, while OPEC+, the group of OPEC and allies led by Russia, agreed on Sunday to keep output policy steady and said the eight members would meet again on Feb. 1. 3
Exxon shares last closed at $122.65 on Friday, up 1.9%. The stock traded between $119.66 and $122.78 in the session, according to LSEG data.
Trump said American oil companies would invest billions of dollars to repair Venezuela’s oil infrastructure and restore production. Reuters reported Chevron is the only U.S. major currently operating in Venezuela, while Exxon and ConocoPhillips left after projects were nationalized in the 2000s. 4
Peter McNally, global head of sector analysts at Third Bridge, said “it will take tens of billions of dollars to turn that industry around.” 4
Exxon and Conoco did not immediately respond to Reuters questions. Chevron said it was focused on the safety and well-being of its employees and the integrity of its assets, and said it continued to operate in compliance with relevant laws and regulations. 4
On Saturday, two sources with knowledge of PDVSA operations told Reuters that Venezuela’s state-run oil production and refining were operating normally and suffered no damage from the U.S. strike. Reuters also reported severe damage at the port of La Guaira near Caracas, though it is not used for oil exports. 5
The immediate supply risk is in exports and logistics, not field damage. Venezuela’s crude and fuel exports were paralyzed on Saturday as port captains stopped authorizing loaded ships to depart, with tankers idled and storage nearing capacity, sources and tanker-tracking data cited by Reuters showed. 6
Venezuela holds the world’s largest oil reserves, but output has slid after years of mismanagement and sanctions, averaging around 1.1 million barrels per day (bpd) last year, Reuters reported. Venezuela exported around 921,000 bpd in November, while Chevron has been exporting about 150,000 bpd to U.S. Gulf Coast refineries under a restricted authorization. 2
But any Exxon upside from Venezuela looks distant and highly contingent. Analysts told Reuters that foreign majors would need clearer legal terms, sanctions relief and basic security, and a messy political transition could keep risks elevated even as headlines whipsaw oil sentiment. 2
The next test comes quickly: traders will watch Monday’s first moves in oil and energy shares and any U.S. guidance on the embargo and shipping restrictions. Exxon investors also have a company catalyst on Wednesday, when Exxon’s investor relations site shows a planned fourth-quarter “earnings considerations” 8-K — a U.S. securities filing that typically flags key upstream and refining drivers ahead of results — after market hours. 7
