ExxonMobil is in advanced talks to acquire production rights for up to six Venezuelan oil fields, according to The New York Times. The deal could be finalized this month, marking a return nearly 20 years after the company's expulsion by Hugo Chávez.
CEO Darren Woods recently reversed his January assessment of the country as uninvestable. He now cites promising investment returns based on Exxon's heavy crude expertise.
The shift follows the removal of Nicolás Maduro. The Trump administration is currently moving to open Venezuelan reserves to U.S. firms.
This development directly affects the largest holding in the Vanguard Energy ETF (VDE).