XOM · Earnings call · 2026Q3T · Full report

Venezuela and Kazakhstan Opportunities

ExxonMobil Holdings Corp · 2026-10-30 · Importance 20 · Surprise 24

Management said ExxonMobil sees potential future value in Venezuela’s resources but described the crude and production challenges as significant and said development must be competitive on world markets. It said progress was being made on fiscal regimes, legal regimes, and investor protections, but that the company would not commit until those conditions supported a viable project with portfolio-competitive returns. In Kazakhstan, ExxonMobil said it was discussing with partners and the government ways to improve the development framework and unlock resources constrained by prior arrangements. Management characterized both opportunities as works in progress and said they would take time.

Key facts

• ExxonMobil said a Venezuelan investment would require fiscal regimes, legal regimes, and investor protections to be in place, and it would not commit until it was confident in a viable, sustainable project with portfolio-competitive returns.
• ExxonMobil is working with partners and the Kazakhstan government on a possible improved, mutually beneficial proposition to develop resources, with constructive discussions underway.