Exxon Mobil Maintains Interest in Venezuela Visit Despite Trump’s Criticism

Exxon Mobil remains interested in visiting Venezuela and is prepared to send an assessment team to the country, according to a person familiar with the company’s strategy, despite public criticism from U.S. President Donald Trump.

The issue came to light shortly after a White House meeting on Friday involving senior executives from major oil companies. During that meeting, Exxon’s chief executive Darren Woods said Venezuela would need to introduce legal reforms and ensure stronger protection for investments before the company would consider resuming operations there.

Days later, Trump told reporters aboard Air Force One that he was unhappy with Exxon’s stance, saying he “didn’t like” the company’s response and suggesting he was inclined to keep the oil major out of Venezuela.

Executives at Exxon were reportedly surprised by the president’s remarks, as Woods had also told Trump that he believed the administration could play a role in helping resolve Venezuela’s long-standing challenges.

Woods indicated that Exxon could send a technical team to Venezuela within weeks to begin evaluating oil infrastructure and other energy assets. Exxon Mobil did not immediately comment publicly on the matter.

The White House meeting took place less than a week after U.S. forces captured and removed Venezuelan President Nicolás Maduro in an overnight operation. Trump has since encouraged American energy companies to invest as much as $100 billion to help rebuild Venezuela’s oil industry.

Before former President Hugo Chávez nationalized Venezuela’s oil sector between 2004 and 2007, Exxon, ConocoPhillips, and Chevron were key partners of the state-owned oil company PDVSA. Chevron negotiated an arrangement that allowed it to remain in the country, while Exxon and ConocoPhillips exited. As a result of lengthy arbitration cases, the two companies are now collectively owed more than $13 billion.

Challenges Ahead

For Exxon and ConocoPhillips, several long-term concerns continue to weigh on any decision to re-enter Venezuela. Industry experts say these issues remain largely unchanged, even after recent discussions with U.S. officials.

Chevron is currently the only U.S. oil major still operating in Venezuela and is viewed as emerging from recent talks in a relatively stronger position. The company has room to invest further in its existing projects to boost production, according to one former oil executive.

One energy analyst said Exxon is unlikely to feel pressured about not being among the first companies to return, noting that Trump’s remarks are unlikely to significantly alter long-term investment strategies. Large energy projects typically take many years to develop and even longer to generate meaningful returns.

On Monday, the head of a major U.S. oil industry association said that before companies expand operations in Venezuela, they would need stronger assurances on workforce safety and policy reforms, particularly regarding contract enforcement.

Outstanding debts linked to past asset expropriations were described as a major obstacle for companies considering new investments. However, the scale of Venezuela’s energy resources remains attractive, and industry leaders believe the U.S. administration is aware of these concerns.

“The asset base in Venezuela is enormous, and the potential for investment is very significant,” the industry representative said.