Verizon Communications Inc. (VZ)’s Vodafone Group Plc (ADR) (VOD) Talks Keep the Dow Jones Industrial Average (^DJI) in the Green

The escalating Syrian crisis has sent crude-oil prices surging in the past few days, although the Middle Eastern nation is only a minor producer of oil compared to some of the largest producers. However, rising tensions and potential instability make the Middle East a volatile place to do business, and both Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) have pulled out of projects in the region recently.

Exxon Mobil Corporation (NYSE:XOM) recently reduced its stake in an Iraqi oil field as the Baghdad and Kurdish governments squabble over oil rights to multinational energy giants. While the West Qurna I field that Exxon scaled back boasts an impressive estimated 8 billion barrels of oil, Iraq’s unstable political situation — and now the rising tide of conflict in the region — makes this a safe play by Exxon.

Chevron Corporation (NYSE:CVX), on the heels of selling its Egyptian retail network, has pulled out of a Nigerian liquefied-natural-gas project after delays plagued the venture. Nigeria is an energy-rich state and nowhere near as unstable as Iraq or Syria, and Chevron is hardly quitting the country entirely: It’s the third-largest energy-producer in the country. While the company has looked to sell off several assets in Nigeria, it’s vital that Chevron continues to increase its presence in energy-rich Africa.

The article Verizon’s Vodafone Talks Keep the Dow in the Green originally appeared on Fool.com is written by Dan Carroll.

Fool contributor Dan Carroll has no position in any stocks mentioned. The Motley Fool recommends Chevron and Vodafone.

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