Published by Global Banking & Finance Review®
Posted on January 9, 2026
3 min readLast updated: January 20, 2026
The White House hosts oil executives, including independents, to discuss Venezuela investments. Major firms like Chevron and Exxon Mobil are involved.
By Sheila Dang and Liz Hampton
HOUSTON/DENVER, Jan 9 (Reuters) - The White House is summoning oil executives to discuss potential investment in Venezuela on Friday, and while a preliminary list of attendees features the big names of American oil - Chevron, Exxon Mobil and ConocoPhillips - it also includes several smaller independents and private equity-backed players.
Only the largest U.S. oil producers have the scale and capacity to operate in Venezuela and have experience doing so, said an oil industry source. The inclusion of smaller domestic companies in the meeting is notable given that they mostly operate in the U.S.
Continental Resources, which bills itself as the biggest privately owned oil and natural gas producer in the world, will be in attendance, as will HKN Inc., which was formerly known as Harken Energy.
Several of the companies have connections to Denver, Colorado, the home turf of Secretary of Energy Chris Wright and a relatively small hub for oil and gas activity compared to other parts of the United States.
Oil output in PADD 4, the production region that includes Colorado, totaled 1.02 million barrels per day in October, according to the latest data from the U.S. Energy Information Administration. PADD 3, which includes states like Texas and New Mexico, produced 10.28 million bpd that month.
Raisa Energy, which acquires non-operated stakes in energy assets and has a Venezuelan CEO, is based in Denver and backed by investment funds Citadel and Ares Management.
Tallgrass Energy - a midstream company with pipeline and terminal assets in areas including the U.S. Rocky Mountains and Oklahoma - and Aspect Holdings, which lists former Speaker of the U.S. House of Representatives Kevin McCarthy as an independent director, are also headquartered in Denver.
The Department of Energy did not immediately respond to a request for comment. Raisa, Tallgrass, and Aspect did not immediately reply to questions about any previous discussions they may have had about Venezuela ahead of the Friday meeting.
Many of the smaller firms and independents may not have as much experience with heavy oil that is typical in Venezuela, but they will be familiar with lighter oil around Lake Maracaibo and shale that has not yet been tapped, said a long-time oil industry executive.
"They don’t have as much capital as an Exxon, Chevron or ConocoPhillips, but independents are known to move much faster. Their cost structure is lower, so they can drill wells much cheaper than the majors," the person said.
(Reporting by Sheila Dang in Houston, Liz Hampton in Denver, and Shariq Khan in New York; Editing by Nathan Crooks and Nia Williams)
Oil investment refers to the allocation of capital into oil exploration, extraction, and production activities, aiming for financial returns as oil prices fluctuate.
An independent oil company is a firm that is not affiliated with a major oil company, focusing on exploration and production activities, often in specific regions.
Venezuela holds some of the largest oil reserves in the world, making it a key player in global oil markets and attracting international investment.
Private equity in oil investments involves investment firms providing capital to oil companies in exchange for equity stakes, often targeting growth and returns.
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