‘They’re playing too cute’: Trump considers keeping Exxon out of Venezuela

WASHINGTON, DC: President Donald Trump on Sunday, January 11, indicated that he may exclude ExxonMobil from future investments in Venezuela due to the company's cautious stance on investing in the country.

Trump expressed disappointment after Exxon’s CEO voiced concerns about Venezuela's current legal and financial stability following the recent US operation to remove Nicolas Maduro.

Trump considers excluding Exxon from Venezuela after ‘too cute’ response

Speaking to reporters on Air Force One, Trump made it clear that he was unhappy with how ExxonMobil executives handled the recent meeting at the White House on January 9.

While the administration is pushing for a massive $100 billion investment to revitalize Venezuela’s oil sector, Exxon’s reluctance has prompted Trump to consider alternatives.

“I’d probably be inclined to keep Exxon out,” Trump told reporters.

He further criticized the company’s approach, stating, “I didn’t like their response. They’re playing too cute.”

Exxon CEO labels Venezuela 'uninvestable'

During the meeting at the White House on January 9, oil companies gathered to discuss returning to Venezuela to resume drilling after the US helped remove Maduro from power.

While most companies were eager to start, Exxon CEO Darren Woods expressed hesitation.

Woods told Trump, “As a depletion business, the biggest challenge we have is finding resources. There’s an opportunity in Venezuela with all the resources.”

However, Woods said he currently views the country as “uninvestable” and stressed that Venezuela must first make significant changes to its commercial framework and legal system before Exxon will return.

Exxon's history of seized assets in Venezuela

Exxon and ConocoPhillips both exited Venezuela in 2007, and Chevron remains the only major US oil company currently operating in the country. Woods emphasized that Exxon is not ruling out a return indefinitely but wants to assess conditions on the ground. 

“We think it’s absolutely critical in the short term that we get a technical team in place to assess the current state of the industry and the assets to understand what would be involved,” he said. 

The CEO added that Exxon would require an official invitation and security guarantees to return.

“With the invitation of the Venezuelan government and with appropriate security guarantees, we are ready to put a team on the ground there. We also have an integrated set of capabilities, from production to refining to trading, and I think we can be of assistance in getting the Venezuelan crude to market,” he expressed.