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re: Exxon Believes Venezuela Currently Is “UnInvestable” As Trump Pushes Oil Plan…
Posted on 1/13/26 at 11:00 pm to Toomer Deplorable
Posted on 1/13/26 at 11:00 pm to Toomer Deplorable
Exxon was nationalized in Venezuela decades ago and almost 2 decades ago, nationalized Mobil's assets which were a newly developed oilfield and a very heavy crude upgrader with market in Europe as an intermediate crude oil.
There is enough crude oil being produced to satisfy US very heavy crude configured refinery needs on the Gulf Coast.
There is enough crude oil being produced to satisfy US very heavy crude configured refinery needs on the Gulf Coast.
This post was edited on 1/14/26 at 9:20 am
1
Posted on 1/14/26 at 1:53 am to Toomer Deplorable
If Democrats win the Presidency investment will be wasted. Alot of Uncertainty i dont blame them. Another 8 years of Trump or similiar to Trump then yeah. Next Left administration will undo everything
Posted on 1/14/26 at 2:53 am to Toomer Deplorable
Probably Tillerson still having a grudge against Trump and still having influence in Exxon
Posted on 1/14/26 at 3:08 am to Ernaye
Here's an idea, don't vote for Dimocrats. Get your lazy arse and tell all your friends get their lazy asses out there and vote Republican and you don't have to worry about it.
This post was edited on 1/14/26 at 3:09 am
Posted on 1/14/26 at 6:17 am to Toomer Deplorable
quote:
“If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s uninvestable,” said Woods, who has led the world’s largest oil company since January 2017.
And the negotiation begins
Posted on 1/14/26 at 6:21 am to LSU0358
quote:
I’m sure Trump and family will put 75%+ of Trump family net worth into Venezuelan oil production.
Could you imagine the turmoil if he did that. The world would claim corruption on DJT's part in ousting Maduro.
Posted on 1/14/26 at 6:22 am to Toomer Deplorable
quote:
Exxon Believes Venezuela Currently Is “UnInvestable” As Trump Pushes Oil Plan…
Awesome! Here comes that US taxpayer funded rebuild that I feared might happen.
Posted on 1/14/26 at 6:28 am to Toomer Deplorable
Chevron is is hiring people to work in Venezuela
Looks like the plan to use their oil revenue to finance the rebuild is taking off
Chevron Jobs
Looks like the plan to use their oil revenue to finance the rebuild is taking off
Chevron Jobs
Posted on 1/14/26 at 6:45 am to Toomer Deplorable
Everyone in the business knows this is at least 5-6 years or more down the road.
Exxon didn’t have to say it’s “uninvestable”.
It was a shot at Trump. They are being too cute.
Exxon didn’t have to say it’s “uninvestable”.
It was a shot at Trump. They are being too cute.
This post was edited on 1/14/26 at 8:35 am
Posted on 1/14/26 at 7:05 am to Toomer Deplorable
Its too risky of an investment for what its going to cost Exxon to get it up and running. Exxon already got fricked twice by the Venezuelan government and there’s still too much political uncertainty there. Maybe the Venezuelans play nice for a few years while Trump/Vance are in office, but what happens the next time a Democrat or weak RINO gets elected?
Posted on 1/14/26 at 7:28 am to Toomer Deplorable
Well, the military still in control, Cubans still there, regime the same. Why would an oil company want to drop billions in that environment?
Posted on 1/14/26 at 7:57 am to Toomer Deplorable
This is what I'd like to believe.
This is nothing but a flex from the deep state's hold on big oil. It's Exxon being muscled to resist DJT because he's introducing $/resources from elsewhere that will loosen big oil's stranglehold on control of the global petro market and its wealth.
This is nothing but a flex from the deep state's hold on big oil. It's Exxon being muscled to resist DJT because he's introducing $/resources from elsewhere that will loosen big oil's stranglehold on control of the global petro market and its wealth.
Posted on 1/14/26 at 9:16 am to Toomer Deplorable
Exxon was burned long before Chavez and it had to close its Lago Oil and Trading refinery in Aruba which was set for demolition in the mid 1980's as a result. After bids for demolition were submitted, Oscar Wyatt bought it under Coastal. They restarted the refinery then later sold it to Valero which closed it around 20 years ago.
Mobil developed a field and built an upgrader 20 years somewhat years ago. Exxon bought Mobil and then those assets were nationalized around the same time. The upgrader sits in disrepair, inoperable. Target market was Europe with crude oil upgraded to intermediate crude
Mobil developed a field and built an upgrader 20 years somewhat years ago. Exxon bought Mobil and then those assets were nationalized around the same time. The upgrader sits in disrepair, inoperable. Target market was Europe with crude oil upgraded to intermediate crude
Posted on 1/14/26 at 9:23 am to CitizenK
A number of refineries which refined Venezuelan crude shuttered in the 1982 price collapse. Several did so in Puerto Rico as well, mainly CORCO in Pueneles at its Ponce refinery.
These refinery were configured to sell a lot of asphalt from the bottoms. They had old per WWII technology, Thermal Cracking units, just like refineries near Bakersfield, CA had to get more out of the bottoms than just asphalt.
These refinery were configured to sell a lot of asphalt from the bottoms. They had old per WWII technology, Thermal Cracking units, just like refineries near Bakersfield, CA had to get more out of the bottoms than just asphalt.
Posted on 1/14/26 at 9:24 am to W2NOMO
quote:
Exxon just trying to milk Trump for infrastructure improvement money for the facilities.
That, and Exxon has already been burned in the past, significantly, by investing in Venezuela.
Yeah there's some politicking and leverage games happening here, but there's an established precedent and a viable reason.
Posted on 1/14/26 at 9:35 am to Toomer Deplorable
Then leave EXXON out. Simple as that.
Posted on 1/14/26 at 9:48 am to Penrod
quote:
I think Exxon is correct, and it is uninvestable without US government guarantees. Venezuela is just not trustworthy.
Exxon was also involved in treaties between the US and Venezuela. It took several years before they were allowed to take bids to demolish their Lago Oil and Transport refinery in Aruba. I was involved in bidding for the project and scheduled to live in Aruba when we got it. Instead Coastal bought it. It had closed due the price collapse in 1982, just like Puerto Rican refineries.
When we were bidding for the Aruba refinery a company had already purchased some of the tank farm and was dismantling those tanks. The steel plate was shipped to Oklahoma to be rolled into pipe for pipelines by the company taking them down. Jon Bond, a British engineer working for us was scared shitless when he went into an MCC and a large iguana started moving around.
Posted on 1/14/26 at 10:27 am to loogaroo
quote:
Exxon didn’t have to say it’s “uninvestable”.
It was a shot at Trump. They are being too cute.
Or…maybe our President shouldn’t be offended by everything all the time. Not everything that is contrary to what he says or thinks is some person dig of someone trying to “get him”.
I like most of Trump’s policies and ideas, but he’s as sensitive and easily offended as a teenage girl.
This post was edited on 1/15/26 at 6:03 am
Posted on 1/14/26 at 10:42 am to CitizenK
So, Exxon’s previous industrial infrastructure was dismantled?
Posted on 1/14/26 at 12:59 pm to Pragmatist2025
quote:
So, Exxon’s previous industrial infrastructure was dismantled?
It became PDVSA
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