Venezuela is supposed to be the amazing future of big oil. After all, about one-fifth of the world's proven oil reserves sit in and under land and water it controls. These are vast new fields for Exxon Mobil Corp. ( NYSE: XOM) and Chevron Corp. ( NYSE: CVX). Not so fast. As the United States seized Venezuelan dictator Nicolás Maduro, word went out that President Trump will gather oil executives at the White House.
A spokesman for the global energy company said there was not a "competitive future" for the site because of the UK's current economic and policy environment combined with market conditions. Deputy First Minister Kate Forbes said the Scottish government would support workers, and the Grangemouth investment taskforce would be expanded to also consider the future of the Mossmorran site. Exxon Mobil said 179 directly employed jobs will be at risk, along with 250 contractors.
ExxonMobil has filed suit in federal court challenging two California laws that would require the oil giant to report the greenhouse emissions resulting from the use of its products globally. The 30-page complaint, filed Friday in the U.S. District Court for the Eastern District of California, argues that the laws violate the company's free speech rights by requiring it to "trumpet California's preferred message even though ExxonMobil believes the speech is misleading and misguided."
Despite a generally tough year for oil stocks, ExxonMobil and Chevron are showing resilience against market volatility, bolstered by rising crude oil futures and favorable geopolitical factors.