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This past January, ExxonMobil's (NYSE: XOM) CEO Darren Woods called Venezuela "uninvestable" during a meeting at the White House, a remark that didn't sit well with President Trump. Fast forward a few months, and the President recently publicly announced that "Exxon is going in" to Venezuela. While ExxonMobil hasn't confirmed plans to reenter the country following its exit two decades ago, much has changed since the year began.
Here's why investors should pay attention to the President's assertion that ExxonMobil is returning to Venezuela.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
At a recent press event unveiling a massive U.S. oil deal with Venezuela, President Trump highlighted that Exxon and Chevron (NYSE: CVX) are among the many big oil companies heading into Venezuela. Chevron has already confirmed its expansion in the country, noting that its two decades of patience have finally paid off. The oil giant recently announced that it has expanded its position in the country, as one of its joint ventures has been assigned rights to develop two adjacent oil fields. That supports Chevron's plans to invest more than $7 billion over the next five years to more than double its production in the country to around 600,000 barrels per day.