President Donald Trump on Sunday signaled that ExxonMobil could be excluded from any future U.S.-backed involvement in Venezuela’s oil sector, expressing dissatisfaction with the company’s response during a White House meeting last week.
Speaking to reporters aboard Air Force One, Trump said the oil giant had failed to show the urgency his administration is seeking as it explores options to reassert U.S. influence over Venezuela’s vast energy resources.
“I didn’t like Exxon’s response. You know, we have so many that want it,” Trump said. “I’d probably be inclined to keep Exxon out. I didn’t like their response.”
The comments followed a roundtable discussion Friday at the White House between Trump and several oil and gas executives, including ExxonMobil CEO Darren Woods. During that meeting, Woods told administration officials that Venezuela remains “uninvestable” under current conditions, citing weak legal protections, a history of asset seizures, and the country’s outdated hydrocarbon laws.
Venezuela holds the world’s largest proven oil reserves, but its production has collapsed over the past two decades due to mismanagement, corruption, and aggressive nationalization policies under successive socialist governments. U.S. energy companies, including ExxonMobil, were forced out of the country in the late 2000s after the Venezuelan government seized foreign-owned assets without adequate compensation.
Woods said ExxonMobil would require significant structural changes before considering a return.
“We do not go into any opportunity with a short-term mindset,” Woods told Trump. “There’s a value proposition that we have to meet. It has to be a win-win-win proposition.”
He added that ExxonMobil would need durable legal protections, stable investment terms, and an invitation from the Venezuelan government before committing capital. Woods also said he was confident the Trump administration could work with Caracas to establish those conditions over time.
Trump, however, pressed Woods on how quickly ExxonMobil could move if a deal were reached, underscoring the administration’s desire to act decisively as it weighs broader energy and foreign-policy objectives.
The CEO responded that ExxonMobil could “hit the ground almost immediately” and begin an initial assessment within a matter of weeks, prompting Trump to emphasize the importance of speed.
“We want speed and quality,” the president said.
ExxonMobil, one of the world’s largest publicly traded oil and gas companies, has a long history in Venezuela but has remained largely on the sidelines since its departure more than a decade ago. While the administration has suggested that renewed U.S. involvement could help stabilize Venezuela’s oil sector, industry executives continue to stress the need for clear rule of law and protections for American investments before committing resources.
Trump’s remarks suggest the White House may be willing to look beyond ExxonMobil as it considers which companies could play a role in any future reopening of Venezuela’s energy sector.
