ConocoPhillips announced that it will send a small evaluation team to Venezuela this week to assess oil and gas opportunities. The move follows the company’s exit from the country in 2007 after its assets were nationalized and a $12 billion claim was awarded in arbitration. The team’s purpose is to identify viable projects that could expand ConocoPhillips’ upstream portfolio and diversify its geographic exposure.
The trip comes after the United States eased sanctions on Venezuelan oil trade in March 2026, allowing U.S. companies to engage with PDVSA. The policy shift removes a major regulatory barrier and creates a new window for exploration and potential investment in a country that once supplied a significant share of U.S. crude imports.
ConocoPhillips’ recent financial performance provides context for the decision. In Q4 2025 the company reported adjusted earnings of $1.02 per share, missing analyst expectations of $1.18, and revenue of $13.86 billion, below the consensus estimate of $14.35 billion. Management attributed the miss to lower realized prices across all segments, a trend that has weighed on profitability in the current market environment.
CEO Ryan Lance has emphasized the company’s focus on recovering the $12 billion owed by Venezuela and on being constructive in encouraging investment. He said, “We’re trying to be constructive and help the administration think through what’s needed to incentivize the investments that will go into Venezuela. We have to see what the pathway is to starting to recover some of what’s owed us.”
The deployment signals ConocoPhillips’ strategic intent to re‑engage with Venezuela’s vast oil reserves—home to the world’s largest proven reserves—while leveraging the newly relaxed sanctions regime. It also reflects the company’s broader effort to strengthen its upstream operations and capitalize on opportunities that align with its long‑term growth strategy.
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