Trump Venezuela Oil Meeting Draws Chevron, Exxon

President Donald Trump hosted senior executives from Chevron and Exxon Mobil at the White House on Jan. 9, 2026, to discuss potential investments aimed at rebuilding Venezuela’s oil infrastructure. Trump has said the effort could attract about $100 billion in corporate spending, a figure that has prompted caution within the industry.

White House Meeting Details

The White House convened the meeting on Friday afternoon to explore investment opportunities to restore Venezuelan oil infrastructure and revive crude production. Reports varied on the start time, with some citing 2:00 p.m. ET and others 2:30 p.m. ET.

Attendees included major U.S. oil companies such as Chevron and Exxon Mobil, alongside independents like ConocoPhillips, Continental Resources, and Valero. Oilfield services firms Halliburton and Aspect Holdings, international majors Shell, Repsol, and Eni, and commodity traders including Trafigura and Vitol Americas were also invited. Senior U.S. officials expected at the session included Secretary of State Marco Rubio, Energy Secretary Chris Wright, and Interior Secretary Doug Burgum.

The meeting followed a U.S. military operation that captured Venezuelan President Nicolás Maduro and his wife Cilia Flores on narcotics charges. The administration has publicly discussed plans to take control of Venezuelan oil assets as part of its strategy.

Policy and Industry Response

Trump has pitched a corporate-led rebuild as a way to bring Venezuelan oil production back online and push global oil prices toward roughly $50 per barrel to ease costs for U.S. consumers. He has said that sales of Venezuelan crude under U.S. control could finance reconstruction and other U.S. priorities, with the effort costing U.S. taxpayers nothing since companies would fund the investments.

The administration has imposed a quarantine on Venezuelan oil and seized multiple tankers linked to the country, with American forces controlling five ships as of the meeting date. Officials described the quarantine as leverage, with plans to market up to 50 million barrels of sanctioned Venezuelan crude, directing proceeds under U.S. control.

Venezuela holds the world’s largest oil reserves but currently supplies roughly 1% of global oil. Its production infrastructure is widely described as dilapidated, with experts estimating at least $60 billion in repairs. Even optimistic projections suggest it would take two to three years to double output, which would have limited near-term impact on U.S. pump prices but could transform revenue for a new Venezuelan government.

Industry executives and investors approached the White House pitch with caution. They weighed the potential upside against memories of past expropriations, political and legal uncertainty, long payback periods, environmental, social, and governance (ESG) pressures, and companies’ capital-discipline commitments. This skepticism led the White House to broaden its invitation list as larger firms debated participation. Many attendees described the session as exploratory, and executives remained skeptical of the administration’s spending figure.

Chevron has been the only major U.S. oil company maintaining a continuous presence in Venezuela since the industry’s nationalization under Hugo Chávez, leaving other firms uncertain about re-entering the market quickly.

As of the reporting window, no company had disclosed binding investment commitments, project approvals, or definitive agreements resulting from the meeting. Primary filings, press releases, and official transcripts from major U.S. producers showed no updated capital-expenditure guidance or Venezuela-specific project sanctioning tied to the session. The administration’s high-profile push has so far collided with corporate caution, leaving near-term commitments uncertain.