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US President Donald Trump has issued a stern warning to oil company Exxon Mobil from Venezuela’s energy sector, suggesting it could be pulled out of the country’s energy sector after it received an unsatisfactory response to his push for American oil companies to return to the country.
Speaking to reporters aboard Air Force One on Sunday, Trump made it clear that he was frustrated by Exxon’s cautious stance.
“I didn’t like Exxon’s response,” Trump said. “We have a lot of companies that want to get involved. I probably want to keep Exxon out. They’re playing it very nice.”
The comments come amid aggressive efforts to revive Venezuela’s oil industry under American influence after recent political and military developments in the country.
Exxon calls Venezuela “uninvestable”
Trump’s comments follow statements made by Exxon Chairman and CEO Darren Woods during a meeting with oil executives at the White House last week. Woods called Venezuela’s energy market “uninvestable” under current conditions, citing weak legal systems and inadequate investor protections.
Exxon, which has twice pulled out of Venezuela, said major reforms would be needed before it could return. These include changes to the commercial structure, hydrocarbon laws and guarantees of long-term investment protection.
Woods stressed that Exxon remains open to discussions if meaningful reforms are implemented, adding that the company is prepared to send a technical team to assess the condition of Venezuela’s oil assets.
This is a painful history for U.S. oil companies.
Exxon and ConocoPhillips’ Venezuelan assets were seized under Hugo Chavez’s government in 2007. The companies still owe billions of dollars in arbitration claims related to those seizures—a history that weighs heavily on corporate decision-making.
This legacy explains Exxon’s caution, while the Trump administration promises political support and security assurances.
Trump Pushes $100 Billion Investment Plan
Trump has urged U.S. energy companies to invest at least $100 billion in Venezuela’s oil sector, promising government support and security guarantees. However, when pressed for details on those guarantees, the president offered few clarifications.
“We will have guarantees,” Trump said. “They had problems before because they didn’t have Trump as president.”
While Venezuela has the world’s largest proven oil reserves, many U.S. companies remain wary of returning. Currently, Chevron is the only major American oil company still operating in the country, highlighting the risks that persist despite political pressure.
Market reaction and what comes next
Exxon Mobil shares fell about 1% in premarket trading following Trump’s comments, reflecting investor concern about potential political fallout.
Whether Exxon ultimately re-enters Venezuela may depend less on rhetoric and more on evidence that lasting legal reforms, payment of past claims and investment protections will endure beyond the current administration.
For now, Trump’s message is clear: U.S. oil companies willing to move quickly will be supported, while hesitation could pay a price.