Trump Considers Barring ExxonMobil from Venezuela After CEO's 'Uninvestable' Comment

President Donald Trump indicated he may prevent ExxonMobil from participating in Venezuela's oil sector after CEO Darren Woods described the country as "uninvestable" during a recent White House meeting. Speaking aboard Air Force One, Trump expressed dissatisfaction with Woods' remarks, stating, "I didn't like Exxon’s response... They're playing too cute."

The meeting, held on January 9, 2026, aimed to encourage U.S. oil companies to invest $100 billion to revitalize Venezuela's oil industry following the ousting of President Nicolás Maduro. Woods emphasized the need for substantial legal and commercial reforms, noting that ExxonMobil had previously had assets seized in Venezuela. He stated, "If we look at the legal and commercial constructs and frameworks in place today in Venezuela, today it's uninvestable."

Other executives, including ConocoPhillips CEO Ryan Lance, echoed similar concerns, highlighting the necessity for extensive security and financial guarantees before committing to investments. Lance suggested restructuring Venezuela's entire energy system, including the state-owned PDVSA.

In response to these apprehensions, Trump assured the executives of "total safety" and emphasized that they would be dealing directly with the U.S. government rather than Venezuelan authorities. He added, "Our giant oil companies will be spending at least $100 billion of their money... But they need government protection."

The administration's push for investment follows a series of actions, including the seizure of Venezuelan oil tankers and the capture of Maduro, aimed at controlling and revitalizing Venezuela's oil production. Despite these efforts, industry leaders remain cautious, citing the need for significant reforms and assurances before proceeding with substantial investments.