Major Oil Leaders To Discuss Venezuela Investments With White House As Early As Thursday: Report

• The alleged meeting comes on the heels of Venezuelan President Nicolás Maduro’s arrest by the U.S. over the weekend. 
• President Donald Trump reportedly said that American firms will be involved in rebuilding Venezuela’s energy sector after the arrest. 
• However, no official comments or statements have been made by any of the major oil companies including ExxonMobil, ConocoPhillips, and Chevron.

The chief executive officers of major oil companies in the United States are reportedly expected to discuss investments in Venezuela at the White House this week.

As per a Reuters report that cited sources familiar with the planning, the meeting is scheduled to be early as Thursday, although the details and timing of the meeting are yet to be finalized.

The alleged meeting comes on the heels of Venezuelan President Nicolás Maduro’s arrest by the U.S. over the weekend. President Donald Trump reportedly said that American firms will be involved in rebuilding Venezuela’s energy sector after the arrest.

A previous report from Bloomberg indicated that the U.S. Energy Secretary would be meeting with top executives of major U.S. oil companies including Chevron Corp. (CVX) and ConocoPhillips (COP) to discuss plans about Venezuela’s energy sector.

Oil Plans

Trump has said that the oil industry will move quickly, with dominant U.S. players likely to get an expanded oil operation “up and running” across Venezuela in about 18 months.

The president also said in an NBC interview that while this would cost a tremendous amount of money, the oil companies would benefit either through a reimbursement from the U.S. government or through revenue.

However, no official comments or statements have been made by any of the major oil companies including ExxonMobil (XOM), ConocoPhillips and Chevron. At present, Chevron is the only major American oil company still operating in Venezuela.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around CVX stock, COP stock, and XOM stock were all in the ‘extremely bullish’ territory over the past day amid ‘extremely high’ message volumes at the time of writing.

Shares of CVX are up over 6.3% in the past year while shares of COP lost over 2.8%. Meanwhile, shares of XOM climbed over 12%  in the same period.

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

Also Read: Dow Hits Record High Despite Venezuela Risk, Bolstered By Tech, Healthcare

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