{"id":71879,"date":"2026-09-16T19:38:14","date_gmt":"2026-09-16T23:38:14","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/exxonmobil-eyes-venezuela-return-as-us-house-targets-data-center-power-costs\/71879\/"},"modified":"2026-09-16T19:38:14","modified_gmt":"2026-09-16T23:38:14","slug":"exxonmobil-eyes-venezuela-return-as-us-house-targets-data-center-power-costs","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/exxonmobil-eyes-venezuela-return-as-us-house-targets-data-center-power-costs\/71879\/","title":{"rendered":"ExxonMobil Eyes Venezuela Return as US House Targets Data Center Power Costs"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>ExxonMobil (<a href=\"\/stock\/XOM\">XOM<\/a>)<\/strong> is reportedly nearing a preliminary agreement with state-run <strong>PDVSA<\/strong> to re-enter Venezuela\u2019s oil fields, potentially marking its first major investment in the country in nearly 20 years.<\/li>\n<li>The <strong>U.S. House of Representatives<\/strong> passed the <strong>Ratepayer Protection Act<\/strong> (417-3), a bipartisan bill designed to shift the costs of electrical grid upgrades for AI data centers away from residential consumers and onto tech operators.<\/li>\n<li>Homebuilder <strong>Lennar (<a href=\"\/stock\/LEN\">LEN<\/a>)<\/strong> shares fell in after-hours trading after the company missed Q3 estimates and issued a disappointing Q4 outlook, citing rising mortgage rates and waning consumer confidence.<\/li>\n<li><strong>Salesforce (<a href=\"\/stock\/CRM\">CRM<\/a>)<\/strong> raised its long-term financial targets at its Dreamforce conference, forecasting <strong>FY2030 sales of $63 billion<\/strong>, significantly higher than analyst estimates of $61.4 billion.<\/li>\n<\/ul>\n<h2>Energy Sector: ExxonMobil Nears Historic Venezuela Re-entry<\/h2>\n<p>ExxonMobil (<a href=\"\/stock\/XOM\">XOM<\/a>) is in advanced talks to sign a memorandum of understanding with Venezuela\u2019s state-owned oil firm, <strong>PDVSA<\/strong>, according to reports from the <em>Wall Street Journal<\/em>. The deal, which could be finalized as early as this month, focuses on several developed and undeveloped fields estimated to contain up to <strong>50 billion barrels of oil<\/strong>. This move follows a similar $7 billion investment agreement by rival Chevron and signals a broader trend of U.S. energy firms seeking to revitalize Venezuela&#39;s underutilized resources.<\/p>\n<p>In a separate move to stabilize domestic energy logistics, the <strong>Trump Administration<\/strong> has temporarily relaxed <strong>Hours-of-Service (HOS)<\/strong> rules for truck drivers transporting gasoline and diesel. The <strong>USDOT<\/strong> waiver allows drivers to operate for up to <strong>16 hours in a 24-hour window<\/strong> for the next 90 days. This flexibility is intended to prevent supply chain bottlenecks and lower fuel costs for consumers amid ongoing global energy volatility.<\/p>\n<h2>Technology &amp; Infrastructure: House Passes Data Center Cost Bill<\/h2>\n<p>The <strong>U.S. House of Representatives<\/strong> overwhelmingly passed legislation aimed at protecting American families from rising utility bills caused by the AI boom. The <strong>Ratepayer Protection Act<\/strong> requires state regulators to ensure that &quot;large-load customers,&quot; specifically <strong>AI data centers<\/strong>, bear the full financial burden of the new generation and transmission infrastructure required to power them. This comes as the <strong>International Energy Agency<\/strong> warns that U.S. data center power consumption could more than double by 2030.<\/p>\n<p>Amid these regulatory shifts, major tech CEOs are preparing for high-level diplomacy. Apple (<a href=\"\/stock\/AAPL\">AAPL<\/a>) Executive Chairman <strong>Tim Cook<\/strong> and <a href=\"https:\/\/stockmarketwatch.com\/stock\/NVDA\" data-internallinksmanager029f6b8e52c=\"15\" title=\"stock: NVDA\">Nvidia<\/a> (<a href=\"\/stock\/NVDA\">NVDA<\/a>) CEO <strong>Jensen Huang<\/strong> are scheduled to attend a state dinner hosted by President Trump for China\u2019s <strong>Xi Jinping<\/strong> next week. The meeting is expected to address critical issues including trade relations, AI safety, and semiconductor supply chains.<\/p>\n<h2>Earnings &amp; Economy: Lennar Misses; IMF Warns on Australia<\/h2>\n<p>Homebuilder Lennar (<a href=\"\/stock\/LEN\">LEN<\/a>) reported a difficult third quarter, with <strong>revenue of $8.05 billion<\/strong> falling short of the $8.30 billion estimate. The company\u2019s <strong>EPS of $1.19<\/strong> also missed the $1.28 consensus, as higher mortgage rates and a 9% drop in new orders weighed on performance. Looking ahead, Lennar expects <strong>Q4 deliveries of 22,000 to 23,000<\/strong>, trailing the 24,080 units analysts had anticipated.<\/p>\n<p>On the global stage, the <strong>IMF<\/strong> issued a warning regarding <strong>Australia\u2019s<\/strong> economy, urging the <strong>Reserve Bank of Australia (RBA)<\/strong> to maintain a &quot;tightening bias.&quot; The IMF noted that inflation risks remain tilted to the upside and suggested that further interest rate hikes may be necessary if financial conditions are not sufficiently restrictive. Conversely, <strong>New Zealand&#39;s<\/strong> economy showed resilience, with <strong>Q2 GDP growth of 0.2%<\/strong> exceeding the 0.1% estimate, prompting a firming of the New Zealand Dollar to $0.5724.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways ExxonMobil (XOM) is reportedly nearing a preliminary agreement with state-run PDVSA to re-enter Venezuela\u2019s oil fields, potentially marking 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