U.S. Energy Stocks Climb on Venezuela News

Energy stocks rallied sharply on Monday, from oil producers to service companies, as investors rushed to assess the implications of fast-moving events in Venezuela.

Shares surged even as crude prices edged lower and U.S. stock futures were little changed, signaling a decisive shift into risk-on mode for the sector. Chevron and ConocoPhillips led the gains, jumping 8% and 7% respectively, while Exxon Mobil climbed 4%.

Oilfield services stocks also soared. SLB rose 8% and Halliburton advanced 7%, while refiners Marathon Petroleum and Valero Energy posted solid gains.

The rally followed reports that Venezuelan President Nicolás Maduro had been captured by the U.S. military, raising expectations that the country’s long-stalled oil industry could be reopened to foreign investment.

Oil services firms stand to benefit first, as any restart would require extensive rebuilding of damaged fields, pipelines, and facilities. Refiners could also gain from increased supplies of Venezuelan heavy crude.

“Restarting Venezuela would be highly service-intensive,” said Matthew Tuttle, chief executive of Tuttle Capital Management. “That’s why the initial trade favors oil services and infrastructure companies, even if long-term oil prices remain under pressure.”

Analysts at TD Cowen said Chevron appears best positioned among major oil producers due to its ongoing presence in Venezuela. The company has maintained a U.S. Treasury license since late 2022 allowing it to produce and export crude from existing assets.

“Chevron’s established footprint gives it a clear advantage if new opportunities emerge,” the analysts wrote, noting the company produces roughly 200,000 barrels per day through its joint ventures in the country.

ConocoPhillips also drew attention from Citi analysts, who estimate the stock could see about 8% upside if Venezuela begins settling long-standing debts. The company was awarded $10.5 billion plus interest following the 2007 nationalization of Venezuela’s oil industry, but has recovered only about $800 million so far.

Legal actions in 2025 could add another $1 billion, while the remaining balance has been valued near zero due to uncertainty around repayment.

Still, analysts urged caution. Given the oil industry’s turbulent history in Venezuela, Citi said meaningful re-entry would require major political and fiscal reforms.

President Donald Trump added fuel to speculation over the weekend, saying U.S. oil companies would move into Venezuela, invest billions to repair its “badly broken” oil infrastructure, and ultimately generate revenue for the country. He said oil companies were contacted both before and after the operation.

Despite Monday’s surge, energy stocks have lagged broader markets in recent years as oil prices have struggled since 2022. The Energy Select Sector SPDR ETF gained just over 7% in 2025, far behind the explosive rally in precious metals, where the iShares MSCI Global Silver and Metals Miner ETF surged more than 200%.