Chevron, Exxon, Other Crude Players Add $50B In Market Cap As Trump Opens Door To Big Oil's Return In Venezuela

• U.S. President Donald Trump confirmed he had informed the oil companies both before and after the operation to extract Nicolas Maduro.
• Chevron is the only major oil company currently producing oil in the region, while media reports noted that Exxon and ConocoPhillips had quit production in the country years ago.
• Stocktwits sentiment on Chevron, Exxon, SLB, and Halliburton surged to ‘extremely bullish’, hitting one-year highs amid explosive message volume.

The buzz about the big U.S. oil companies entering Venezuela, following President Donald Trump's comments about rebuilding the Latin American nation's energy infrastructure, has added several billion dollars to the market caps of major firms such as Chevron and ExxonMobil.

In recent developments, Trump reportedly said in an interview with NBC that the oil companies will get reimbursed either by the government or through the revenue they will earn once production in Venezuela starts.

He added that the U.S. oil industry can get the Venezuela operations running in fewer than 18 months and possibly even less, but will have to shell out several dollars.

Market Cap Boost

Collectively, Chevron, ExxonMobil, ConocoPhillips, SLB, and Halliburton have added more than $50 billion to their valuations on Monday alone, as developments following the arrest of Nicolas Maduro continue to boost the oil companies.

U.S. President Donald Trump had reportedly said that he had informed the oil companies both before and after the operation, adding that these companies definitely want to explore production in Venezuela.

Chevron is the only major oil company currently producing in the region. At the same time, media reports noted that Exxon and ConocoPhillips had quit production in the country following the nationalisation of their assets by former President Hugo Chavez.

Shares of Chevron closed up over 5% on Monday, while ExxonMobil and ConocoPhillips shares were over 2% higher at closing. Oilfield services also saw a major boost with SLB shares closing 9% high and Halliburton jumping 8% to close at $31.92.

What Is Retail Thinking?

Retail sentiment on Chevron hit a one-year high on Stocktwits after it jumped to 'extremely bullish' territory from 'extremely bearish' a week ago, with message volumes at 'extremely high' levels.

On ExxonMobil, sentiment hit a near six-month high and was in the 'extremely bullish' territory compared to 'bearish' a week ago. While on ConocoPhillips, sentiment improved to 'extremely bullish' from 'bullish' a week ago and hit a year-high.

SLB and Halliburton's retail sentiment was also trading at a one-year high. Retail sentiment on SLB and Halliburton also improved to 'extremely bullish' from 'bearish' and 'neutral' territory, respectively, a week ago.

Shares of ExxonMobil have gained over 16% in the last 12 months, while Chevron's stock has jumped 11.3% over the same period, and ConocoPhillips' stock has marginally fallen. SLB's stock has gained 13%, and Halliburton's has risen 15.4% over the past year.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Also See: Tiny LiDAR Player Aeva's Stock Rockets Over 25% After-Hours On Nvidia Deal

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