Exxon Mobil Venezuela Access at Risk After Trump Remarks

Exxon Mobil said in a Jan. 9 corporate release that CEO Darren Woods called Venezuela "uninvestable," and President Trump on Jan. 11 said he was inclined to bar the company from Venezuelan investments, raising policy risk for Exxon Mobil Venezuela’s role in U.S. oil re-entry plans.

White House Meeting and Exxon Mobil’s Position

On Jan. 9, President Trump hosted a White House meeting with Exxon Mobil Chairman and CEO Darren Woods and at least 17 other oil executives to discuss U.S. plans for Venezuela’s energy sector. Exxon published Woods’ full remarks the same day.

Woods described Venezuela as "uninvestable" under its current legal and commercial frameworks. He called for durable reforms to the legal system, commercial rules, and hydrocarbon law to enable large-scale investment.

Exxon said it could deploy a technical team within weeks to assess assets, restart production, and market crude, but only with an invitation from the Venezuelan government and U.S. security guarantees.

The company noted its long history in Venezuela, entering in the 1940s, suffering two asset seizures, and being largely absent for about two decades. It holds billions in arbitration claims related to 2007 seizures.

Trump’s Response and Investment Push

On Jan. 11, President Trump said he was inclined to exclude Exxon from Venezuelan investments following Woods’ comments and criticized the company’s response.

Trump urged U.S. firms to support a plan to rebuild Venezuela’s oil sector, seeking at least $100 billion in investments backed by U.S. security guarantees.

This public dispute raises immediate policy and political risks for Exxon and could complicate Washington’s effort to mobilize private capital for Venezuela’s energy sector.