ExxonMobil Signs Venezuela MOU, Eyes Return 19 Years After Exit

ExxonMobil confirmed it signed a memorandum of understanding with Venezuela, framing the non-binding pact as a "meaningful first step" toward re-entering a country it walked away from 19 years ago, according to the Financial Times. The company said it welcomes the chance to "evaluate potential upstream opportunities" alongside the Venezuelan government and PDVSA, the state-owned oil producer.

Exxon didn't sugarcoat the fine print. It said any future investment would demand stable policies, clear regulations, strong investment protections and competitive returns — the kind of language that keeps a handshake from becoming a drill bit.

The move caps months of signals. The Wall Street Journal reported in September that Exxon was closing in on a preliminary deal with Petroleos de Venezuela to explore developed and undeveloped fields, and that the acreage in play could hold 50 billion barrels of oil underground. Talks, the report warned at the time, could still collapse.

Exxon arrives with cash to spend. Its third-quarter 2026 results showed earnings up 104.2% year over year at $15.4 billion, earnings per share of $3.72 — a 111% jump — and free cash flow of $19.1 billion, helped by surging oil prices amid the wars in Ukraine and Iran. The company also flagged plans to buy back $20 billion of its own shares in 2027, market conditions permitting.

Venezuela would slot into a wider Exxon expansion push. In October, the company's vice president John Ardill told the FT it is betting on Trinidad and Tobago as "the next Guyana," noting it struck a production-sharing deal there in seven months — roughly half the usual time.