ExxonMobil News Updates

ExxonMobil held talks with Venezuela about re-entering the country as the Texas oil giant explores whether to follow U.S. rivals back to the South American nation.

President Trump scolded ExxonMobil and Chevron for their soaring profits, as oil prices surged amid the war in Iran he launched in February alongside Israel. 

Overall profit of $14.7 billion was the largest since Russia’s 2022 invasion of Ukraine that upended global markets.

The takeover will make Expand Energy a leading gas marketer, with the company raising its target for annual free cash flow from its marketing and commercial by 50% to $750 million.

Earnings from the five supermajors combined will likely be the third-highest on record, estimates show, as they reaped gains from the biggest supply disruption in history.

Shares of U.S. oil giants Exxon Mobil and Chevron are on track for their largest monthly gains in more than three years, boosted by rising energy prices and geopolitical tensions.

Exxon Mobil said lower oil prices reduced fourth-quarter results by $800 million to $1.2 billion, one of the first signs that Big Oil is facing a tough earnings season. 

The Trump administration is considering canceling about $12 billion in energy projects, including funding for hydrogen ventures backed by U.S. oil majors, according to a list seen by Bloomberg.

Exxon is the first of the oil majors to post quarterly earnings guidance and often sets the trend for the industry.

Oil prices slumped as OPEC+ ramped up production.