New Stand.earth data: Banks and investors enabling US oil push in Venezuela
Exclusive data released today from Stand.earth reveals that since 2021, banks including JPMorgan Chase, HSBC, TD, RBC, Citi, Wells Fargo and Bank of America committed more than $124 billion of financing to just nine fossil fuel companies set to most benefit from the U.S. recent illegal invasion of Venezuela. In 2025 alone, banks financed over $42 billion to these nine companies, more than half of what was financed between 2021-2024 ($82 billion).
The U.S. oil and oil-related companies reflected in this data set are widely noted as those positioned to profit from military escalation in Latin America. The analysis includes U.S. oil companies Chevron (the only U.S. major still operating in Venezuela), ExxonMobil, ConocoPhillips, and Williams; major refining companies with operations on the U.S. Gulf Coast Valero, PBF Energy, Citgo, and Phillips 66; and Halliburton, an oil and gas service company that sued Venezuela for losses just weeks before the invasion.
Notable top 20 investors in many of these companies include: BlackRock, Vanguard, Norges Bank, State Street, Fidelity, Berkshire, and Wellington.
Richard Brooks, Stand.earth Climate Finance Director, said:
“Without financial support from big banks and investors, the likes of Chevron, Exxon, ConocoPhillips, and Valero would not have the power that they do to start wars, overthrow governments, or slow the pace of climate action. Banks and investors need to choose if they are on the side of peace, or of war-mongering oil companies.”
Notably, Trump met with U.S. oil executives on Friday, January 9, and was met with skepticism, including ExxonMobil CEO Darren Woods noting Venezuela oil as “uninvestable.” Yet both Exxon and ConocoPhillips have $10 billion in ‘compensation’ awards from international tribunals that have gone unpaid. Trump’s attempts to interfere in Venezuela shifts chances of redeeming these massive payouts.
In Canada, Scotiabank CEO Scott Thompson went so far as to explicitly say the invasion and regime changes in the region would benefit the bank.
When Russia invaded Ukraine nearly four years ago, Stand.earth published similar data on Russian oil companies stocking Putin’s war coffers, and the banks and investors supporting these companies. In the following months and years, many institutions divested from Russian oil companies.
Data was compiled by Stand Research Group (SRG) using data from LSEG. Explore the full dataset here.
