President Trump expressed his displeasure with Exxon Mobil's CEO, Darren Woods, stating he was "inclined to keep Exxon out" of U.S. investment efforts in Venezuela due to the CEO's assessment of the country as "uninvestable." Trump found Exxon's response during a White House meeting with oil giants to be overly cautious, describing it as "playing too cute."
Woods had explained that Exxon's previous experiences in Venezuela, including asset seizures due to nationalization, made re-entry a difficult proposition without significant changes. He cited the current legal and commercial frameworks, the lack of durable investment protections, and outdated hydrocarbon laws as reasons why Venezuela is currently "uninvestable."
The Trump administration's goal is to encourage American companies to invest heavily in reviving Venezuela's oil production, with Trump envisioning up to $100 billion in spending. However, Exxon and other major oil companies are hesitant to commit to new investments given the country's history and current conditions. When questioned about guarantees for these companies, Trump stated there would be "no problem," attributing past issues to previous administrations' leadership.