US EditionTrump's White House Will Likely Demand A Cut Of Venezuela's Oil Windfall, Says Former US Envoy - Chevron (NYSE:CVX), Halliburton (NYSE:HAL)
U.S. oil stocks surged as Trump emphasized access to Venezuela’s oil reserves, with Chevron rising 10.36% and other companies benefiting from expected infrastructure investments.
- On Saturday, U.S. invaded Venezuela at the direction of President Trump, with Trump pledging the U.S. would `run` Venezuela while oil companies `go in` to repair its oil infrastructure.
- In an interview on Sunday, Richard Haass told Katie Couric the motive seemed commercial, saying President Donald Trump mentioned Venezuela's oil reserves 83 times to secure access and profits.
- Leading U.S. oil names with Venezuela exposure jumped Sunday, with Chevron Corp. up 10.36%, Halliburton Co. climbing 14.19%, Valero Energy Corp. rallying 9.19%, and SPDR Oil & Gas Exploration & Production ETF up 1.66%.
- Analysts noted on Monday that prices showed limited immediate reaction, while PDVSA estimated reviving Venezuela's oil industry will take years and $8 billion, and Chevron stands to gain if licensed.
- Holding about 303 billion barrels, Venezuela controls roughly 17% of global crude, and traders warned the intervention could increase instability or pressure prices by boosting future oil sales.
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35 Articles
Chevron Stocks Surge After Trump Vows to “Take Back” Venezuela’s Oil After U.S. Attack
The share prices of U.S. oil companies surged following the Trump administration’s attack on Venezuela and abduction of its president, Nicolás Maduro. In public statements, Trump has been clear about his desire to reassert U.S. corporate control over Venezuela’s nationalized oil industry. Now with Trump’s show of force over Venezuela’s political sovereignty, many investors see the potential for a similar overpowering of the socialist country’s ec
The New York Stock Exchange opened up today, driven by large oil companies after the White House urged them to exploit Venezuela’s huge oil reserves. Dow Jones won 1.34%, Nasdaq 0.89%, and the expanded S&P 500 rose 0.74%. At the same time, some U.S. oil companies raised their prices at the opening: Chevron earned 4.68%, at $163.18 per share, Exxon Mobil to $1.96%, at $125.05, and ConocoPhillips to $2.17%, at $98.80. Outside Wall Street, at the O…
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