Trump Threatens Exxon After CEO Calls Venezuela 'Uninvestable'

Donald Trump has suggested he may block ExxonMobil from future investment opportunities in Venezuela after the oil giant’s CEO labeled the country "uninvestable" during a high-profile White House meeting.

The comments from Exxon CEO Darren Woods came during a meeting on Friday where Trump urged a group of at least 17 oil executives to commit $100 billion to revitalize Venezuela's struggling oil industry. The push followed the recent removal of Venezuelan president Nicolás Maduro from power by US forces.

Woods’ critical assessment quickly became the meeting's main takeaway, undermining the administration's efforts to build industry support for its Venezuela plan.

"I didn't like Exxon's response," Trump told reporters on Sunday aboard Air Force One. "I'll probably be inclined to keep Exxon out. I didn't like their response. They're playing too cute."

ExxonMobil did not immediately provide a comment on the matter.

A History of Seized Assets

During the Friday meeting, Woods explained his company's reluctance, citing a history of expropriation. "We've had our assets seized there twice," he told Trump, "and so you can imagine to re-enter a third time would require some pretty significant changes from what we've historically seen here."

For decades, Exxon, ConocoPhillips, and Chevron were the most significant US partners for Venezuela’s state-owned oil company, PDVSA. However, the government under the late president Hugo Chávez nationalized the industry between 2004 and 2007.

While Chevron managed to negotiate new partnership deals, both Exxon and ConocoPhillips exited the country and pursued arbitration cases. Court rulings have since determined that Venezuela owes the two companies a combined total of over $13 billion for the seizures.

Conditions for Re-entry

Woods stressed that for Exxon to consider reinvesting, Venezuela would need to implement "durable investment protections" and reform its hydrocarbons law.

"If we look at the legal and commercial constructs and frameworks in place today in Venezuela today, it's uninvestable," he stated.

Ryan Lance, the CEO of ConocoPhillips, echoed the need for systemic change. He told Trump that his company is the largest non-sovereign creditor to Venezuela and called for a complete restructuring of the nation's debt and its entire energy system, including PDVSA.

Trump's "Clean Slate" Policy

Trump dismissed concerns over past losses, indicating a "clean slate" approach. "We're not going to look at what people lost in the past because that was their fault," he said, adding that ConocoPhillips would recover much of its money.

The administration has made it clear that it will control which companies operate in the country. "You're dealing with us directly. You're not dealing with Venezuela at all," Trump instructed the executives. "We don't want you to deal with Venezuela."

To reinforce this control, Trump signed an executive order on Saturday to shield revenue from Venezuelan oil sales held in US Treasury accounts, preventing courts or creditors from seizing the funds.