Trump Threatens to Sideline Exxon in Venezuela Oil Push

President Donald Trump has threatened to exclude Exxon Mobil from Venezuela's energy market, signaling his displeasure with the oil giant's cautious response to his calls for rapid reinvestment in the South American nation.

"I didn't like Exxon's response. You know we have so many that want it. I'd probably be inclined to keep Exxon out," Trump told reporters Sunday aboard Air Force One. "They're playing too cute," he added.

The president's comments directly followed a White House meeting where Exxon CEO Darren Woods described the Venezuelan market as "uninvestable" in its current condition. Exxon's shares dipped 1% in premarket trading on Monday following the news.

Exxon's Conditions for Re-entry

During the meeting with Trump and other American oil executives on Friday, Woods stated that Exxon would need to see "some pretty significant changes" before considering a return to Venezuela.

Figure 1: Exxon Mobil CEO Darren Woods attended a White House meeting on Jan. 9, 2026, where he outlined the company's conditions for reinvesting in Venezuela.

This caution is rooted in history. In 2007, Venezuela seized assets belonging to Exxon and ConocoPhillips, and Caracas still owes the companies billions from arbitration cases.

Woods specified that any new investment would depend on reforms to the country's commercial frameworks, legal system, and hydrocarbon laws. He also emphasized the need for "durable" investment protections. Despite these concerns, Woods expressed optimism, stating, "We're confident that with this administration and President Trump working hand‑in‑hand with the Venezuelan government that those changes can be put in place."

As a preliminary step, he noted that Exxon was ready to dispatch a technical team to assess the state of Venezuela's oil assets.

A $100 Billion Plan with Vague Guarantees

Trump has been actively encouraging U.S. oil companies to commit at least $100 billion to reviving Venezuela's energy sector, promising government security assistance to protect their investments. This push comes after a U.S. military operation on January 3 to depose Venezuelan President Nicolas Maduro and his wife, Cilia Flores.

When asked for specifics on the security backstops for companies, Trump remained vague.

Figure 2: President Donald Trump speaks to reporters aboard Air Force One, where he criticized Exxon Mobil's stance on Venezuela.

"We are going to have guarantees," the president said. "They had problems in the past because they didnt have Trump as a president."

While American oil firms recognize the opportunity presented by Venezuela's vast oil reserves—the largest in the world—many have expressed caution about rushing back into the market. Currently, Chevron is the only major U.S. oil company with active operations in the country.