Trump Threatens to Exclude ExxonMobil from Venezuela Following CEO's Skepticism

U.S. President Donald Trump stated on Sunday, while aboard Air Force One, that he is "inclined" to exclude ExxonMobil from future oil investments in Venezuela. This follows a tense meeting on Friday where the company’s CEO, Darren Woods, expressed deep skepticism regarding the investment climate in the South American nation following the ouster of Nicolás Maduro.

A Clash of Perspectives: Speaking to reporters en route from West Palm Beach to Washington, Trump remarked, "I didn't like Exxon’s response. They're playing too cute." During the White House summit with 17 energy executives, Trump urged firms to spend $100 billion to revive Venezuela's production. However, Woods argued that Venezuela remains "uninvestable" without "fundamental changes" to its legal and commercial frameworks, citing the fact that Exxon's assets have been seized twice since the 1940s.

Dismissing Past Losses: Trump attempted to bypass corporate concerns about legal safety by insisting companies deal "directly with the U.S. government" rather than Venezuelan institutions. Notably, he dismissed past expropriation claims, telling executives, "We’re not going to look at what people lost in the past because that was their fault." While competitors like Chevron appear more optimistic about ramping up output, Exxon's demand for "durable investment protections" has placed it in the crosshairs of the Trump administration.