NEW YORK, Jan 14, 2026, 16:48 ET — After-hours
Exxon Mobil shares jumped roughly 2.9% to $130.20 in after-hours trading Wednesday following a Reuters report. Sources familiar with operations say the company’s Baton Rouge, Louisiana refinery is gearing up to process Venezuelan crude again. The 522,500 barrel-per-day facility hasn’t handled Venezuelan heavy sour crude since U.S. sanctions came into effect.
The report comes as Venezuelan exports resume under U.S. oversight following a December blockade that caused storage to fill up, forcing state oil company PDVSA to close wells and slash production, Reuters reported Tuesday. According to the report, PDVSA has started telling joint ventures to restart output from previously shut well clusters.
Here’s why this matters for Exxon and the entire sector: Gulf Coast refineries are designed for heavy crude, and Venezuelan grades fit that bill perfectly when they’re on hand. “Heavy sour” refers to oil that’s thicker and has more sulphur—usually cheaper than lighter types but trickier to refine.
In Washington, a U.S. official confirmed to Reuters that the first sales of Venezuelan oil under a $2 billion deal struck earlier this month between Caracas and Washington have been completed. The initial sales, worth about $500 million, are being held in U.S.-controlled accounts, with the primary account located in Qatar, according to an industry source familiar with the arrangement.
Chevron is set to get an expanded U.S. license this week, potentially allowing it to boost production and exports from Venezuela, according to three oil-industry sources who spoke to Reuters. Marathon Petroleum is negotiating to secure Venezuelan crude for its refineries, while Valero Energy and traders Mercuria and Glencore have also been exploring license options, the report noted. Chevron shares climbed about 2.1% in after-hours trading.
Oil prices swung on Wednesday, caught between headlines from Iran and a bigger-than-expected U.S. inventory build. “The market now thinks … there is not going to be an attack on Iran,” said Phil Flynn, senior analyst at Price Futures Group, after President Donald Trump noted the killings in Iran’s crackdown were easing. Brent crude initially gained but slipped after settlement. Meanwhile, U.S. crude stocks rose by 3.4 million barrels last week, according to the EIA. Reuters
Exxon ran into trouble on a different front in Europe. Shell and Exxon have paused their planned sale of natural gas assets in Britain’s Southern North Sea to Viaro Energy. Shell pointed to shifting commercial and market conditions and said the deal’s completion conditions weren’t met. According to Reuters, Shell will keep operating the assets.
The Venezuela angle cuts both ways. A sudden surge in Venezuelan barrels might drag down heavy-crude prices and, by adding to the overall supply, squeeze oil prices that underpin upstream profits. The policy risk remains significant — sources described the refinery plan, and any change in U.S. licensing could stall the trade before it hits steady volumes.
Investors are now turning their attention to updates on Venezuela licensing and U.S.-overseen exports. Exxon is also set to report fourth-quarter 2025 earnings on Friday, Jan. 30, with a conference call at 8:30 a.m. CT.
