Texas gives green light to ExxonMobil’s controversial Rose carbon capture project

Wood Group won a $200 million, five-year contract with ExxonMobil PNG for construction services on the PNG LNG project. The work involves maintaining and upgrading existing infrastructure, including plants and pipelines, to ensure reliable LNG supply to Asia. Over 200 Wood personnel will perform various technical services, building on a decade-long relationship with ExxonMobil PNG.

Stock futures rose Thursday, reversing Wednesday's selloff after the Fed's first rate hike in three years. Key events: Diamondback Energy's largest shareholder sold $2B in shares, ExxonMobil nears a deal in Venezuela, and Generac Holdings surged after a $2.4B Amazon deal. Lennar cut its home delivery target, citing housing market pressures. Brent crude fell below $105/barrel.

ExxonMobil is nearing a preliminary agreement to return to Venezuela, nearly 20 years after leaving. The deal, potentially signed this month, could involve investments in oil fields holding over 50 billion barrels. Venezuela aims to attract foreign capital to revive its oil industry. Exxon's return would mark a reversal from 2007, when its assets were nationalized. Discussions are ongoing, with no final agreement yet. According to the Wall Street Journal, the deal would initially allow Exxon to

Exxon Mobil is reportedly nearing a preliminary deal to invest in Venezuela's oil fields, 19 years after its exit. The WSJ reported talks, with no details disclosed. Exxon shares closed at $163.98, up 0.12%. The company reported Q2 2026 net income of $14.525bn, up from $7.082bn a year earlier. No short-sale activity spike was noted. The deal, if confirmed, could impact Exxon's capital allocation strategy.

US stocks fell after the Federal Reserve raised interest rates to combat inflation, with the Dow, S&P 500, and Nasdaq declining. Tech shares gained, while energy stocks dropped due to easing oil prices. Chevron and ExxonMobil fell over 2%, while Intel rose 4% on chip manufacturing talks. Robinhood dropped 5.5% after crypto legislation failed and insider trading charges.

ExxonMobil (XOM) is negotiating to return to Venezuela, according to Bloomberg, aiming to secure rights to four heavy-oil fields, including two Orinoco Belt assets. The talks mark a shift in strategy as U.S. firms seek to revitalize Venezuela's energy sector, with ExxonMobil leveraging its heavy-oil expertise. The move comes amid competitive pressure from peers like Chevron.