Exxon Mobil will deploy a technical team to Venezuela within weeks to evaluate a potential return to the nation’s energy sector. The move follows a change in the Venezuelan government and U.S. encouragement to rebuild the country’s oil industry.
Company executives stated that a return requires specific investment terms and durable protections. These conditions address concerns regarding previous expropriations of Exxon assets.
Exxon is also sending its first shipment of at least 300,000 barrels of gasoline from the U.S. Gulf Coast to Australia. This logistics shift responds to shipping disruptions in the Strait of Hormuz.
Energy sector stocks, including Exxon Mobil, retreated following recent market gains.