The White House has signalled it may block ExxonMobil from investing in Venezuela’s oil industry after a public disagreement between the US president and the company’s chief executive.
President Donald Trump said he was “inclined” to exclude Exxon from his administration’s plans to attract major oil investment in Venezuela. His comments follow a high-profile meeting with senior energy executives last week.
Trump criticised Exxon’s response during the meeting, saying the company was “playing too cute” and that he did not like its stance.
The president has urged global oil firms to invest around $100bn to help rebuild Venezuela’s oil sector following the capture and removal of Venezuelan president Nicolas Maduro by US forces late last week.
At the meeting on Friday, ExxonMobil chief executive Darren Woods told Trump that Venezuela’s current legal and commercial conditions made the country “uninvestable” for his company without significant reform.
He said durable investment protections and changes to Venezuela’s hydrocarbons law would be necessary before Exxon could consider major new investments.
Woods also recalled that Exxon’s assets had been seized in Venezuela twice in the past, noting these historical losses as part of the company’s caution.
He said Exxon was prepared to send a technical team to assess on-the-ground conditions but highlighted the need for broader legal reform.
Other oil executives also spoke during the meeting.
Ryan Lance, chief executive of ConocoPhillips, described his company as the largest non-sovereign creditor in Venezuela and called for a restructuring of the country’s debt and energy framework, including its state oil firm PDVSA.
Trump responded that ConocoPhillips would recover a substantial share of its claims but that the US would start “with a clean slate” regarding investment. He said his administration would decide which companies would be permitted to operate in Venezuela, signalling tighter control over foreign oil firms’ participation.
On Saturday, the president signed an executive order to prevent courts or creditors from seizing revenue from Venezuelan oil sales held in US Treasury accounts.
The move is intended to protect funds tied to Venezuelan oil and support the US-led effort to revive the country’s production capacity. ExxonMobil said it remained interested in evaluating operations in Venezuela despite Trump’s public remarks.
The company has noted the need for legal clarity and investment protections before committing large sums. Chevron, another major US oil producer, already operates in Venezuela and appears positioned to increase output if conditions allow.