New York, January 5, 2026, 17:46 EST — After-hours
- Exxon shares rose about 2% after a Venezuela policy shift lifted U.S. oil stocks.
- J.P. Morgan analysts flagged Exxon’s Venezuela-related arbitration damages in the roughly $2 billion range.
- Next catalysts include Washington’s planned industry meetings and Exxon’s Jan. 7 “earnings considerations” filing.
Exxon Mobil Corp shares were up 2.2% at $125.36 in after-hours trading on Monday, after President Donald Trump said the United States would take control of Venezuela and pursue access to the OPEC member’s oil reserves. Reuters
The move matters because it drags a long-dormant issue back into U.S. energy valuations: compensation claims tied to Venezuela’s nationalisation of foreign oil assets in the 2000s, when the state took greater control and some majors exited. It also reopens questions about the future supply of Venezuelan crude and who gets first access if policy shifts. Reuters
It comes as crude markets are already being whipsawed by geopolitics. Oil prices swung early on Monday before settling higher, leaving traders to weigh whether the Venezuela developments change near-term exports or simply set up a longer-dated supply story. Reuters
U.S. oil companies closed higher on the day, with Exxon and ConocoPhillips adding more than 2% each, Reuters reported. Chevron, the only U.S. major currently operating in Venezuela’s oil fields, was up more than 5% in extended trading, while oilfield services firms also rose. Reuters
J.P. Morgan analysts said Exxon and ConocoPhillips have significant arbitration awards pending related to assets seized in Venezuela, with Exxon’s outstanding damages appearing to be in the $2 billion range. Arbitration awards are legal rulings that order compensation, though collecting can depend on politics and enforceability. Reuters
Washington’s message to the industry has been blunt. White House and State Department officials have told U.S. oil executives they would need to return quickly and invest significant capital to revive Venezuela’s damaged oil sector if they want compensation for expropriated assets, according to people familiar with the outreach. Reuters
In commodities, Brent crude settled up $1.01, or 1.66%, at $61.76 a barrel, while U.S. West Texas Intermediate settled up $1, or 1.74%, at $58.32. Reuters also reported that the Trump administration did not consult Exxon, Chevron or ConocoPhillips before the operation, but meetings are now planned for later this week. Reuters
Some of the optimism in energy names is tied to the type of oil at stake. Venezuelan crude is typically “heavy sour” — a denser oil with higher sulfur content — which fits many U.S. Gulf Coast refineries built to run those grades, analysts said, even as Trump has said the embargo on Venezuelan exports stays in place for now. Reuters
But the upside case has clear tripwires: policy can shift, sanctions may stay, and rebuilding output takes time in a country where infrastructure has decayed after years of underinvestment. A Reuters poll forecast Brent averaging $61.27 a barrel in 2026 and WTI at $58.15, reflecting expectations that supply will outpace demand; “supply is expected to exceed demand, keeping prices under pressure through the year,” said Bridget Payne, head of energy forecasting at Oxford Economics. Reuters
On the tape, Exxon traded between $122.39 and $128.52 on Monday, with those levels likely to serve as near-term support and resistance into Tuesday’s open. Investors are watching for any detail from the planned Washington-industry meetings, and for Exxon’s “4Q25 Earnings Considerations” 8-K due after the market close on Wednesday, Jan. 7, the company’s investor relations site shows. Exxon Mobil Corporation
