Trump Considers Barring ExxonMobil from Venezuelan Investments After CEO's 'Uninvestable' Comment

President Donald Trump is considering barring ExxonMobil from investing in Venezuela after the company's CEO, Darren Woods, described the nation as "uninvestable" during a recent White House meeting. Woods highlighted the need for significant changes to Venezuela's legal and commercial frameworks, including durable investment protections and reforms to the hydrocarbons law, before ExxonMobil would consider re-entry.

Trump expressed dissatisfaction with ExxonMobil's stance, stating, "I didn't like Exxon's response. I'd probably be inclined to keep Exxon out. They're playing too cute." The meeting, attended by at least 17 oil executives, was part of the administration's efforts to encourage a $100 billion investment to revitalize Venezuela's oil industry following the recent ousting of President Nicolás Maduro.

ExxonMobil and ConocoPhillips had previously exited Venezuela after their assets were expropriated in the mid-2000s. Woods noted, "We've had our assets seized there twice, and so you can imagine to re-enter a third time would require some pretty significant changes from what we've historically seen here." ConocoPhillips CEO Ryan Lance also emphasized the need for restructuring Venezuela's debt and energy system, including the state oil company PDVSA.

In response to these concerns, Trump signed an executive order to protect Venezuelan oil revenues held in U.S. Treasury accounts from being seized by courts or creditors, aiming to stabilize the country's economy and attract foreign investment.