Oil & Gas Briefing - February 1, 2026

🇻🇪 Venezuela Opens Oil Sector — U.S. Majors Cautiously Eye Opportunities

Venezuela's acting president Delcy Rodriguez signed historic legislation opening the oil industry to private investment, calling it a "historical leap" (Moore News)
Within one hour of the vote, U.S. Treasury issued general license allowing American companies to trade with state oil firm PDVSA, including refining activities (News Tribune)
Trump announced U.S. oil companies are going to Venezuela and reopening of Venezuelan airspace (RT)
Trump says India has struck a deal to purchase Venezuelan oil, replacing some Russian imports (Reuters)
Trump welcomes China and India investment in Venezuela's oil sector (Energy Connects)
ExxonMobil CEO Darren Woods previously called Venezuela "uninvestable" at January meeting with Trump; Exxon still burned by 2007 nationalization (Wikipedia)
Chevron CFO Eimear Bonner says company will finance Venezuelan investments with cash from oil sales rather than new capital — a reality check on revival speed (Rigzone)
Both Exxon and Chevron taking wait-and-see approach despite Trump's $100 billion investment call (Financial Post)

United Steelworkers rejected Marathon Petroleum's offer late Saturday as midnight deadline loomed for 30,000 oil industry workers (Reuters)
Marathon is lead negotiator for 26 U.S. refiners and chemical companies including ExxonMobil, Chevron, and Valero (Spokesman)
Rejected offer included 3% raises in years 1-2, 3.5% in years 3-4
Key sticking points: cost of living increases, healthcare costs, and AI standards for plant operations (MarketScreener)
BP's Whiting refinery (440,000 bpd) — largest in U.S. Midwest — saw workers reject 28-day contract extension (Reuters)
BP statement: "Our plans for strike or lockout have been initiated" — urged workers not to be alarmed (NWI Times)
Refineries continue operating with temporary replacement workers as negotiations extend

ExxonMobil shares up ~15% in January — best monthly performance since October 2022 (Energy Connects)
Chevron on pace for ~14% January gain, also its best month since late 2022
Rally driven by rising crude prices, geopolitical tensions, and improving fundamentals
Chevron raised dividend 4%, extending its 147-year streak of payments (The Street)
Exxon Q4: $6.5 billion profit ($1.53/share), plans $27-29 billion CapEx and $20 billion buybacks in 2026 (Frederick News-Post)
Exxon targeting Permian Basin production growth through 2026 with significant year-over-year improvement (Insider Monkey)
ConocoPhillips holdings boosted 43.5% by Federated Hermes in Q3 filing (MarketBeat)

Exxon closing Fife Ethylene Plant in Scotland, affecting more than 400 jobs (Yahoo Finance)
Closure part of strategic shift toward Louisiana carbon capture growth and U.S.-focused operations
Exxon planning $28-33 billion annually in CapEx from 2026-2030 to boost oil and gas output (Elliott Wave Trader)
High-return projects prioritized: deepwater Guyana and Brazil, LNG in Papua New Guinea

Valero's Benicia, California refinery continues shutdown process, sending odors into surrounding communities (KION TV)
Air district staff conducting morning and afternoon patrols around the facility (Daily Republic)
Intermittent odors and flaring may continue for months as shutdown progresses
Valero posted record Q4 quarter overall, benefiting from Venezuelan crude shift (Yahoo Finance Canada)

Capstone LLC released 2026 Energy Sector Outlook — policy tensions and market shifts to shape investment landscape (PR Newswire)
Canada op-ed: Pipelines remain "road to unity and economic growth" — national unity built through shared economic interests (Winnipeg Sun)
Venezuela sanctions relief reshaping heavy crude supply dynamics for U.S. Gulf Coast refiners