XOM ▼ -3.4% - ExxonMobil Holdings Corporation $XOM is nearing a preliminary agreement with Venezuela’s state oil company to explore investments in developed and undeveloped oil fields. The Details: • Potential agreement: Exxon could sign a memorandum of understanding with Petróleos de Venezuela as soon as September. • Negotiation status: People familiar with the matter said discussions could still fail or extend beyond September. • Field potential: The prospective deal could include fields holding a combined 50 billion barrels of oil underground. • Company activity: Exxon has sent teams to Caracas this year to negotiate a possible investment agreement. • Further talks: The company was expected to continue discussions at the G-20 Energy Abundance Ministerial in Houston this week ExxonMobil fell 3.4% today despite reporting progress toward a potential investment agreement with Venezuela's state oil company that could involve oil fields holding 50 billion barrels of reserves. The decline may reflect investor caution given that negotiations remain preliminary, could still fail, and may extend beyond the targeted September timeline for a memorandum of understanding. 16-SEP-2026 05:05 PM ET