Overview
- ExxonMobil reported adjusted earnings of $1.71 per share on $82.31 billion in revenue, with record output led by the Permian and Guyana helping offset the hit from lower 2025 crude prices.
- Chevron posted adjusted earnings of $1.52 per share on $46.87 billion in revenue and highlighted record production, even as full-year profits fell on weaker oil prices.
- Chevron said it currently produces about 250,000 boe/d in Venezuela and could increase volumes by roughly 50% within 18 to 24 months, contingent on further U.S. authorizations and a stable fiscal regime.
- Exxon signaled caution on returning to Venezuela after past expropriations, with CEO Darren Woods calling the country uninvestable without stronger protections, even as the company readies a technical assessment team.
- Valero beat profit expectations on stronger refining margins and has reportedly purchased Venezuelan barrels via Vitol and Trafigura, as the administration eases some sanctions and authorizes traders to market Venezuelan crude, though analysts warn any large supply ramp will take time.