# Trump's allies cash in on Venezuela's oil

> Continental Resources, Chevron, and ExxonMobil are racing to sign deals for Venezuela's vast oil reserves under the new Trump administration.
- Title: Trump's allies cash in on Venezuela's oil · Mother Jones
- Summary: Continental Resources, Chevron, and ExxonMobil are racing to sign deals for Venezuela's vast oil reserves under the new Trump administration. Trump's inner…
- Keywords: trump administration, venezuela, oil deals, continental resources, harold hamm, chevron, exxonmobil, pdvsa, nicolas maduro, energy policy, oil production, Trump's
- Source: Mother Jones — https://motherjones.com/politics/2026/09/trump-venezuela-chevron-exxonmobil-continental-oil-deal
- Author: Alex Nguyen
- Published: 2026-09-17T15:09:23+00:00
- Read time: 1 min
- Topics: trump administration, venezuela, oil deals, continental resources, harold hamm, chevron, exxonmobil, pdvsa, nicolas maduro, energy policy, oil production
## Continental Resources seals Venezuela oil deal
Harold Hamm's Continental Resources announced a preliminary agreement with Venezuela's national oil company to develop 126,000 acres holding an estimated 30 billion barrels of oil.

> It's a milestone deal in making the Western Hemisphere the center of the global energy system.
## Hamm's ties to Trump run deep
Hamm advises Trump on energy policy to benefit his business interests and contributed 4.3 million dollars to Trump-aligned PACs during the 2024 campaign.
## Chevron doubles down in Venezuela
Chevron became the first major US oil company to expand production in Venezuela since Trump seized control, investing 7 billion dollars to double output to 600,000 barrels a day.
## ExxonMobil closing its own Venezuela deal
ExxonMobil is near completion of a separate agreement with Venezuela that could include over 50 billion barrels in oil reserves, potentially finished by month's end.
## Venezuela loosens rules to attract oil investors
Acting President Delcy Rodriguez lowered tax rates and overhauled regulations to encourage foreign oil investment after Trump's administration took control.
## These deals won't help ordinary Americans
The oil agreements will line the pockets of American companies and executives, not lower gas prices for consumers or improve conditions for Venezuelans.

> the winners of Trump's oil agreement won't lower gas prices for American consumers or help everyday Venezuela residents, it will just line the pockets of some American companies.
## Key takeaway

Trump's inner circle and major oil companies are positioning themselves to profit from Venezuela's oil, but the deals won't lower gas prices or help ordinary Venezuelans.