President Donald Trump has signaled he is prepared to bar Exxon Mobil from participating in a revamped Venezuelan oil market after the companys chief executive, Darren Woods, publicly questioned the viability of his plan.
The clash emerged after a White House session in which the president pressed top U.S. oil executives to commit $100 billion to rebuilding Venezuelas shattered energy sector, offering government-backed security guarantees in the wake of the U.S.-supported operation that resulted in the capture of Nicols Maduro.
According to Mediaite, the President later expanded on his position while speaking with reporters aboard Air Force One on Sunday, where he was pressed on whether any companies had made firm commitments to his proposal.
President Trump declined to provide specifics but made clear that Exxon Mobil had fallen out of favor. I didnt like Exxons response. You know, we have so many that wanted Id probably be inclined to keep Exxon out. I didnt like their response. Theyre playing too cute, he told reporters, underscoring his willingness to sideline a corporate giant he views as insufficiently supportive of his strategy.
The warning followed pointed remarks from Woods, who had told a White House gathering that Venezuela, under current conditions, is uninvestable for major energy firms. Woods added that Exxon would need some pretty significant changes before returning, citing the necessity of reforms to commercial frameworks, the legal system and hydrocarbon laws, along with durable protections for foreign capital.
Despite his skepticism, Woods indicated Exxon was not closing the door entirely on Venezuela. He said the company was prepared to dispatch a technical team to evaluate the state of the countrys oil infrastructure if the investment climate showed tangible improvement.
Pressed on what form his promised security guarantees would take, President Trump framed his administration as the decisive factor in restoring investor confidence. We have guarantees that theyre going to be safe, that theres going to be no problem and there wont be. Theres not going to be a problem. They had problems in the past because they didnt have Trump as a President. They had stupid people, he said, drawing a sharp contrast with prior U.S. leadership.
Venezuelas socialist regime seized Exxon and ConocoPhillips assets in 2007, triggering billions of dollars in unresolved arbitration claims and chilling foreign investment for years. Chevron remains the lone major U.S. oil company still operating in the country, a reminder that while the President is pushing for a robust, private-sector-led reconstruction, the scars of past expropriations continue to shape corporate risk calculations.
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