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Exxon and ConocoPhillips Seek Safeguards for Possible Venezuela Return

Exxon Mobil logoExxon Mobil
Sig2.55Sen+1.25Env-1.80Soc+0.80Gov-1.05
ConocoPhillips logoConocoPhillips
Sig2.80Sen+0.90Env0.00Soc+0.60Gov-1.90

Exxon and ConocoPhillips are in active negotiations with Venezuela’s government to restart oil production. Talks involve exchanges with Venezuelan officials in Houston and US embassy contacts in Caracas. For Venezuela, renewed investment could support economic stability, but companies want deal terms that reduce losses from possible future nationalization, after ConocoPhillips received about $12 billion in arbitration compensation that remains largely unpaid.

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