ExxonMobil CEO Darren Woods and President Donald Trump have clashed over the future of Venezuela’s oil industry, with the executive bluntly describing the South American nation as “uninvestable” in its current state.
The assessment, delivered during a White House meeting on Friday, stands in sharp contrast to the President’s aggressive push for U.S. firms to pour billions into revitalizing the country’s petroleum sector.
The disagreement spilled into the public view on Sunday when President Trump, speaking to reporters aboard Air Force One, threatened to exclude the energy giant from future opportunities in the region entirely.
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“I didn’t like Exxon’s response. You know we have so many that want it. I’d probably be inclined to keep Exxon out,” Trump said, according to CNBC. He added that the company was “playing too cute” regarding the negotiations.
For Woods, the reluctance is rooted in legal and commercial instability. Citing Exxon’s history of asset seizures in the country, he emphasized that a solid legal framework is missing. While Trump has promised U.S. protection and guarantees for American corporations entering the market, Woods insists the risks currently outweigh the potential rewards.
Despite the friction, the door hasn’t been shut completely. Woods noted that Exxon is willing to dispatch a technical team to assess the state of Venezuela’s oil infrastructure. He suggested that if the Trump administration works “hand-in-hand” with the Venezuelan government to stabilize the environment, the company could pivot.
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The dispute unfolds against a backdrop of high-stakes geopolitical maneuvering, following a U.S. military operation earlier this month aimed at deposing Venezuelan President Nicolás Maduro. While Chevron remains the only major U.S. oil firm currently operating in the country, Trump is seeking a massive $100 billion investment influx to rebuild the sector—a plan that has left the market bracing for a seismic shift.
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