KEY POINTS
- Exxon remains open to assessing Venezuela assets.
- Trump criticized Exxon’s cautious stance publicly.
- Arbitration debts still complicate re-entry decisions
Exxon Mobil remains interested in re-engaging with Venezuela and is prepared to send an assessment team, despite pushback from President Donald Trump that briefly clouded the company’s position.
Interest persists despite tension
Exxon Mobil Corp. is still open to visiting Venezuela and could dispatch a technical team to evaluate oil infrastructure and assets, according to a person familiar with the company’s thinking. The stance comes a day after Trump said he might keep the oil major out of the country, signaling frustration with Exxon’s cautious public position.
The issue surfaced during a White House meeting last Friday that brought together Trump and several top oil executives. Exxon Chief Executive Officer Darren Woods told the gathering that Venezuela would need to introduce legal changes and provide stronger protections for foreign investments before Exxon would commit to operating there. Woods said those safeguards were critical after years of nationalization and contract disputes.
Days later, speaking to reporters aboard Air Force One, Trump said he did not like Exxon’s response and suggested he was inclined to bar the company from returning. The comments surprised Exxon executives, the source said, because Woods also told Trump that the administration could play a role in resolving Venezuela’s deep economic and energy-sector problems.
Woods indicated Exxon could send a technical team within weeks to begin a preliminary review of facilities and other assets. Exxon Mobil did not respond to a request for comment.
The White House meeting took place less than a week after U.S. forces captured and removed Venezuelan President Nicolas Maduro in an overnight operation. Trump has since urged American energy companies to invest as much as $100 billion to help rebuild Venezuela’s oil industry, once among the world’s largest.
Old disputes, new calculations
Exxon, ConocoPhillips and Chevron were once key partners of Venezuela’s state oil company, PDVSA, before former President Hugo Chavez nationalized the industry between 2004 and 2007. Chevron negotiated terms that allowed it to remain, while Exxon and ConocoPhillips exited. Both companies are now owed more than $13 billion combined following lengthy arbitration cases.
Those unresolved claims remain a central concern. Industry experts say Exxon and ConocoPhillips still face long-term risks that weigh on any decision to return, even after last week’s White House meeting. Chevron stands apart as the only U.S. oil major currently operating in Venezuela and left the meeting in a stronger position, according to one former oil executive, because it can expand existing operations.
Analysts note that Exxon is unlikely to rush. Large energy projects take years to develop and even longer to generate returns, making short-term political signals less decisive. On Monday, American Petroleum Institute President Mike Sommers said companies would need stronger workforce security and policy reforms, including firm guarantees around contracts, before committing capital, according to Reuters.
Debts tied to past expropriations pose a significant hurdle, Sommers said, though Venezuela’s vast resource base remains attractive. He added that the administration appears aware of those concerns.
