Three foreign companies won an auction to explore oil at the mouth of the Amazon
ExxonMobil is the second largest oil company in the world and the largest in the United States. Today, it is worth more than US$490 billion on the New York Stock Exchange. Like other companies in the sector, ExxonMobil is facing the challenges of an unstable oil market, with falling prices. In 2024, the company had a profit of US$33.7 billion, a decrease of 6.4% compared to 2023.
The company has faced scrutiny from investors who criticize its lack of investment in renewable energy. Last year, ExxonMobil sued activist investors for submitting a proposal that called on the company to prioritize reducing carbon emissions. Also last year, the state of California and several environmental groups sued ExxonMobil, alleging that the company helped fuel global plastic pollution by misrepresenting the limitations of plastic recycling.
While dealing with these accusations in its home country, ExxonMobil is fighting for space in oil exploration in South America. The company is in a dispute with fellow American Chevron. Both claim the right to a slice of a huge oil field in Guyana, Stabroek, which has reserves estimated at 11 billion barrels. Arbitration on the matter is taking place in London.
ChevronIn Brazil, Chevron has a portfolio of 17 pre-salt exploration blocks in the Campos and Pelotas basins. It also operates a lubricant additives factory.
Chevron is the second largest oil company in the United States and the third largest in the world. It has revenues of around US$200 billion. In 2024, the company had a profit of US$18 billion, a drop of 17% compared to 2023. In February of this year, it announced that it would cut up to 9,000 employees by 2026. Shortly after, it was forced by the Donald Trump administration to close its operations in Venezuela.
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