Exxon Mobil is nearing a deal to invest in Venezuelan oil fields holding more than 50 billion barrels in geological estimates, according to the Wall Street Journal, 19 years after it was forced out by nationalization. Separately, Continental Resources signed a preliminary agreement covering a different Orinoco Belt block, and neither figure matches President Trump's claim of a 65 billion barrel U.S. agreement with Venezuela.
Exxon Moves Toward a Return
The Wall Street Journal reported on September 16, 2026 that Exxon is nearing a deal to invest in Venezuelan oil fields, targeting the Orinoco Belt it exited in 2007. On CNBC, Becky Quick said the fields under discussion collectively contain more than 50 billion barrels of oil in geological estimates. That figure describes oil believed to sit in the reservoir, not booked reserves or production, and it is separate from a signed contract.
Continental Resources, run by Harold Hamm, has moved on a parallel track. According to CNBC's Becky Quick, the company signed a memorandum of understanding with Venezuela's state oil company to develop an area with an estimated 30 billion barrels of oil reserves. Per energynewsbeat.co, that agreement covers the Ayacucho 2 Block in the Orinoco Belt and marks Continental's first move into the country. The Wall Street Journal characterized the September 16, 2026 agreement as a preliminary oil deal.
The Numbers Don't Reconcile
Neither company's figures add up to Trump's headline claim. The article's title references Trump saying the United States secured a 65 billion barrel agreement with Venezuela, but that number comes from a different source and describes something different from what Exxon or Continental have disclosed.
Why Exxon Left in the First Place
Exxon operated the Cerro Negro heavy crude oil project in the Orinoco Belt until Hugo Chavez's government nationalized foreign oil assets in 2007. It then pursued arbitration against PDVSA and Venezuela for more than a decade over that seizure. On the Q2 2026 earnings call, chief executive Darren Woods noted Exxon still holds acreage in force majeure awaiting a ruling from the International Court of Justice.
Stock Barely Moves Despite the News
Exxon shares are not rallying on the Venezuela headlines. The stock traded at $162.01 as of 12:10 p.m. ET on September 17, 2026, down 0.80% on the session. The longer trend tells a different story: shares are up 37.31% year to date and up 45.33% over the past year. Separately, prior 24/7 Wall St. reporting has noted that Gulf Coast refiners have pushed back on the 65 billion barrel framing, and that a former Chevron executive has warned Venezuela's oil opportunity carries a major catch.
Source: 24/7 Wall St.
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