Oil firms rise after Trump cancels Chevron's Venezuela license

Texas Pacific Land (Dover)

27/02/2025 16:32

** S&P 500 energy index .SPNY up 1.1%, as oil prices rise more than 1.5% O/R

** Brent crude futures LCOc1 up 2% at $74.02/barrel and U.S. West Texas Intermediate crude CLc1 up 2.2% at $70.13/barrel

** The contracts had settled in the previous session at their lowest since December 10

** Oil prices rise as supply concerns resurfaced after U.S. President Donald Trump revoked a license granted to Chevron CVX.N to operate in Venezuela

** Chevron will no longer be able to export Venezuelan crude; if Venezuelan state oil company PDVSA exports oil previously exported by Chevron, U.S. refineries will be unable to buy it because of U.S. sanctions

** Oil majors Chevron CVX.N and Exxon Mobil XOM.N up 1.5% and 1.4%, respectively

     ** Texas Pacific Land Corp TPL.N, Baker Hughes BKR.O, Devon Energy DVN.N and ConocoPhillips COP.N up between 2% and 2.5%; among top percentage gainers on the energy index

** Oilfield services (OFS) companies SLB SLB.N up 1.8% and Halliburton HAL.N up 1.3%

** Refiners Delek US Holdings DK.N up 1.8% and Phillips 66 PSX.N up 1.6%

 (Reporting by Katha Kalia in Bengaluru)

 ((Katha.Kalia@thomsonreuters.com;))