Energy

Exxon (XOM) Picks Hugo Chavez's Pocket

Just as unstable Venezuelan president Hugo Chavez thought he was making off with $12 billion in Exxon assets the world largest oil company got him into court. The Exxon property was being taken as a part of a nationalization process in the South American country. It is also called stealing.

According to The Wall Street Journal XOM "has obtained court orders freezing more than $12 billion in bank accounts and assets in Europe, the Caribbean and New York belonging to the Venezuelan state oil company." Exxon would probably be willing to trade those for what it owns in Chavez’s neck of the woods.

The move by Exxon may block Venezuela’s own oil company PDVSA from getting access to the capital markets. Companies like ConocoPhillops (COP), which have had similar problems, may also go to court.

With instability in several oil exporting countries, most notably Nigeria, the court decisions may make governments think twice about taking overseas assets to help pay debt and enrich the local politicians and dignitaries. Chavez would make the argument that the money is going to new infrastructure and the county’s poor.

That would make him more crazier than more people think.

Douglas A. McIntyre

Travel Cards Are Getting Too Good To Ignore (sponsored)

Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.

We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.

It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.

We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.

AI Portfolio

Discover Our Top AI Stocks

Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.

You can follow him investing $500,000 of his own money on our top AI stocks for free.