Shares of major US oil companies climbed sharply in premarket trading on Monday after President Donald Trump announced over the weekend that US forces had captured Venezuelan President Nicolás Maduro and his wife, stating that the United States intends to "run" the country temporarily while tapping into its vast crude reserves.
Chevron Corp. (NYSE:CVX), the only American oil major still operating in Venezuela under a special US license, led the gains with increases of up to 10%.
ConocoPhillips (NYSE:COP) rose as much as 8.7%, while Exxon Mobil Corp. (NYSE: XOM) advanced around 6%.
Chevron, which has maintained operations in Venezuela for over a century despite waves of nationalization under previous governments, is seen as best positioned to expand quickly under greater US influence.
The company continues to drill and export oil from joint ventures with state-owned PDVSA, even amid recent partial maritime restrictions.
ConocoPhillips stands to benefit from potential resolution of outstanding claims, with international arbitrators ruling that Venezuela owes the company more than $8 billion from early-2000s asset seizures.
Exxon Mobil is similarly owed approximately $1 billion from the same era.
Exxon CEO Darren Woods, in a prior interview, indicated the company would consider opportunities in Venezuela but remain cautious given past expropriations.
ConocoPhillips described speculation on future activities as premature, noting recent US licenses that aid in recovering losses.
Analysts caution that rebuilding Venezuela's dilapidated infrastructure could take years, with the country currently producing less than 1% of global oil supplies despite holding the world's largest proven reserves in the Orinoco Belt.
The developments follow a US military operation that removed Maduro, who faces drug-trafficking charges in New York.
Trump has emphasized that American firms will invest billions to restore production, framing it as part of broader efforts to stabilize the region and access energy resources.