President Trump signaled he is likely to exclude ExxonMobil, the world’s largest oil company since 2017, from efforts to rebuild Venezuela’s oil industry, following the CEO’s hesitation to invest in the country after the capture of its dictator, Nicolás Maduro.
President Trump told the oil executives that the U.S. would offer unspecified security guarantees to companies willing to invest in Venezuela’s struggling energy infrastructure. However, those guarantees were not enough for Exxon and several other oil companies.
ExxonMobil CEO Darren Woods, speaking at a White House meeting with President Trump and more than a dozen other oil executives, described Venezuela as "uninvestable," citing inadequate legal protections, rigid hydrocarbon laws, and a history of asset seizures, including those his company faced in the 2000s when Hugo Chávez rose to power.
“I didn’t like Exxon’s response,” Trump told reporters on Air Force One as he departed West Palm Beach, Florida. “They’re playing too cute.”
Trump: I'd probably be inclined to keep Exxon out. I didn't like their response. They're playing too cute. pic.twitter.com/Lx5tBl9Qbv
— Acyn (@Acyn) January 12, 2026
“If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s uninvestable,” Woods said on Friday. He added that the company would need to see significant changes from what it has seen historically to even consider entering the country a third time. He said he could deploy a technical team to Venezuela to assess the country within the next couple of weeks.
ConocoPhillips CEO Ryan Lance echoed Woods' concerns and told President Trump that Venezuela still owes the company $12 billion. Trump quickly dismissed any idea that the companies would receive any compensation for assets lost years ago.
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“We’re not gonna look at what people lost in the past,” he said. “You’re gonna make a lot of money, but we’re not going to go back.”
Chevron is currently the only major U.S. company operating in Venezuela and was the most enthusiastic in discussing its future there, but Vice Chairman Mark Nelson stopped short of committing to a major investment during the public portion of the meeting.
This comes shortly after a U.S. operation in Venezuela that resulted in the capture of the country’s dictator within hours.
President Trump has expressed enthusiasm about opening Venezuela’s oil-rich market to the United States while preventing sales to foreign adversaries, including Russia and China. However, members of Maduro’s regime remain in power, leaving the extent of internal change uncertain. The acting Venezuelan president, along with other officials, has already begun cracking down on citizens celebrating Maduro’s capture.
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