New York, January 5, 2026, 04:29 ET — Premarket
Exxon Mobil Corporation shares were up 3.2% at $126.55 in premarket trading on Monday, extending a burst of buying across U.S. oil majors as investors digested fast-moving headlines tied to Venezuela. Exxon traded between $126.26 and $127.38 in early extended-hours dealing; Chevron and ConocoPhillips were also sharply higher.
The moves matter because Venezuela sits atop the world’s largest proven crude reserves, and any shift in access — or U.S. policy — can quickly change expectations for future supply, sanctions risk and cash recoveries for companies that have battled Caracas for years.
For Exxon, the Venezuela angle is also legal and financial, not just barrels. A Reuters report said U.S. officials have told oil executives they would need to return and invest significant capital to revive Venezuela’s damaged oil sector if they want compensation tied to assets expropriated two decades ago — a high-stakes condition attached to any debt recovery.
Those claims trace back to arbitration, a dispute process that resolves cases outside court. ConocoPhillips has sought about $12 billion linked to Venezuela nationalizations, while Exxon has pursued $1.65 billion, Reuters reported.
“Exxon, Conoco and Chevron … are not going to be worried about investing in heavy oil,” Francisco Monaldi said, referring to the kind of crude produced in Venezuela’s Orinoco Belt. Reuters
The stock strength comes even as crude prices eased. Brent fell about 0.8% to $60.26 a barrel and U.S. West Texas Intermediate slid about 0.9% to $56.79, with ample global supplies offsetting the risk premium from Venezuela turmoil, Reuters reported.
Exxon closed the last regular session at $122.65 after touching an intraday high of $122.68, according to the company’s historical price data. Monday’s premarket pop lifts the stock well above that prior peak.
Technically, traders are watching whether Exxon holds above the prior 52-week ceiling near $122.68 — a level that can act as resistance when first breached — after premarket prints pushed well beyond it. MarketWatch lists Exxon’s 52-week range at $97.80 to $122.68.
But the Venezuela trade cuts both ways. Oil prices remain pressured by supply, Washington has said the embargo on Venezuelan crude stays in place, and any meaningful production recovery would take years and heavy investment — leaving room for a sharp fade if headlines cool or premarket liquidity thins out at the open.
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