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Update: Market Chatter: Exxon, ConocoPhillips Push for Safeguards Before Returning to Venezuela
(Updates with ConocoPhillips' response to a request for comment in the third paragraph.)Exxon Mobil (XOM) and ConocoPhillips (COP) are seeking durable contract terms and a resolution to the billions of dollars they are owed as part of active negotiations with the Venezuelan government about returning to the country after exiting two decades ago, Bloomberg reported Tuesday, citing people familiar with the matter.The oil companies said Venezuela has more work to do, but they are encouraged by President Delcy Rodriguez's willingness to negotiate, the report said, citing the people."ConocoPhillips has significant experience developing and operating these types of assets in Venezuela," a company spokesperson toldvia email. "We are continuing to evaluate potential in-country oil and gas opportunities, including gathering data, assessing next steps, and maintaining dialogue with relevant stakeholders."Exxon didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
$COP$XOM
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Mizuho Downgrades Kosmos Energy to Underperform From Neutral, Adjusts Price Target to $3 From $2
Kosmos Energy (KOS) has an average rating of overweight and mean price target of $3.12, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
$KOS
Equities
Gran Tierra Energy Satisfies Conditions for Tisquirama Contract in Colombia
Gran Tierra Energy (GTE.L) fulfilled all remaining conditions under its deal with Ecopetrol to acquire a 49% working interest in the Tisquirama block in Colombia's Middle Magdalena Valley Basin.The energy company said Wednesday it initially plans to expand waterflood operations from its Acordionero field into the adjoining fields as part of the first phase development, followed by wellbore optimization and infill drilling.The initial phase requires at least $15 million of gross capital expenditures and implementation of continuous water injection, which is estimated to be completed in the first quarter of 2027.
$GTE.L