Exxon files legal challenge to European Union carbon capture law - FT

US indices fell at open, with Nasdaq 100 down 1.2% and S&P 500 off 0.7%, pressured by Nvidia's 12% drop and Fed hawkish comments. Bitcoin fell below $72,000. Broadcom and AMD rose 2% on Nvidia CEO resignation. Nebius fell 16% despite revenue beat due to weak guidance. Oil prices rose on geopolitical concerns, boosting Chevron and ExxonMobil.

Bernstein kept its Outperform rating on ExxonMobil but cut its price target to $186 from $193, a 3.6% reduction. This suggests an 11.6% upside from the Nov 11 close of $166.71. Recent analyst targets for the company range from $162 to $213.

ExxonMobil is evaluating seven areas in Venezuela for potential oil and gas projects under a non-binding agreement with the Venezuelan government and PDVSA. The areas include undeveloped fields, mature assets, and an exploration block, with discussions focused on heavy oil opportunities in the Orinoco Belt. The agreement grants ExxonMobil exclusive rights for one year to negotiate terms and examine data. The company's return faces unresolved ownership questions involving Russian interests.

ExxonMobil and Venezuela's acting government signed an agreement for the oil giant's return, nearly 20 years after nationalization. ExxonMobil aims to resume projects in La Ceiba, Cerro Negro, and Carabobo. Venezuela's oil output remains stagnant at 1.158 million bpd. NewMed Energy, an Israeli firm, is negotiating a stake in a Venezuelan oil producer.

ExxonMobil has filed a confidential legal challenge to the EU's carbon capture rules, according to the Financial Times. The company initiated arbitration proceedings over the EU's Net-Zero Industry Act, which requires major oil and gas firms to develop CO₂ storage capacity by 2030. Exxon argues the rules impose unrealistic timelines and increase energy costs. The EU is preparing a response. The dispute reflects broader tensions between Brussels and the energy industry over climate regulations.

ExxonMobil is evaluating seven areas in Venezuela for potential energy projects under a non-binding agreement with the Venezuelan government and PDVSA. The deal, signed on Monday, grants Exxon exclusive negotiation rights for one year. The areas include undeveloped fields, mature regions, and an exploration block, with some located in the Orinoco Belt. Exxon's return could benefit from synergies with its operations in Guyana and Trinidad and Tobago.