Exxon Mobil remains interested in assessing a possible return to Venezuela, even after President Donald Trump publicly criticized the company and suggested he might block its entry into the country. A source familiar with Exxon’s strategy said the oil major still plans to send an assessment team to Venezuela if conditions allow, signaling that the company has not changed its long-term view.
The comments follow a White House meeting last week between Trump and senior oil executives. During that discussion, Exxon chief executive Darren Woods told the president that Venezuela would need to adopt clearer legal protections and safeguard foreign investments before Exxon could commit to operating there. Days later, Trump told reporters aboard Air Force One that he disliked Exxon’s position and felt inclined to keep the company out.
According to the source, Exxon executives did not expect that reaction. Woods had also told Trump that the administration could play a central role in helping Venezuela stabilize its energy sector. He said Exxon could dispatch a technical team within weeks to evaluate oil infrastructure and other assets. Exxon did not immediately comment on Trump’s remarks.
Arbitration disputes and legal risk shape re-entry calculus
Exxon’s caution reflects unresolved legal and financial risks tied to Venezuela’s oil industry. The company, along with ConocoPhillips, left the country after the government nationalized oil assets between 2004 and 2007 under former president Hugo Chávez. Both companies later pursued arbitration claims and are collectively owed more than $13 billion following years of litigation.
Chevron took a different path. It negotiated agreements that allowed it to remain in Venezuela and today stands as the only U.S. oil major still operating there. Industry sources say Chevron emerged from the White House meeting in a stronger position, with room to invest further in existing projects and raise production.
Exxon and ConocoPhillips continue to face the same long-term concerns that existed before their meeting with Trump, industry analysts said. Those concerns include legal certainty, workforce security, and repayment of debts linked to past expropriations. One analyst said Exxon does not feel pressure to move quickly, noting that major energy projects take years to develop and even longer to deliver returns.
The broader political context adds complexity. The White House meeting came less than a week after U.S. forces captured and removed Venezuelan President Nicolás Maduro in an overnight operation. Trump has since urged American energy companies to invest up to $100 billion to rebuild Venezuela’s oil sector.
Industry groups have echoed Exxon’s concerns. American Petroleum Institute president Mike Sommers said companies would need stronger policy reforms before committing capital, particularly around contract enforcement and protection against future expropriations. He described unresolved debts as a significant barrier, even as he acknowledged the scale of Venezuela’s energy resources.
For Exxon, the calculus appears unchanged. While political signals may fluctuate, the company’s decision will hinge on whether Venezuela can offer a stable legal framework and credible protections for long-term investment.
