President Donald Trump expressed his inclination to exclude ExxonMobil from potential investments in Venezuela, criticizing the company for its responses to his proposed $100 billion investment plan in the Venezuelan oil sector. During a press briefing aboard Air Force One on March 3, 2024, Trump stated, “I’d probably be inclined to keep Exxon out. I didn’t like their response. They’re playing too cute.”
ExxonMobil’s Chief Executive Officer, Darren Woods, indicated on the same day that Venezuela is currently “uninvestable.” In a meeting with Trump and other oil executives at the White House, Woods emphasized the challenges posed by the existing legal and commercial frameworks, stating, “If we look at the legal and commercial constructs and frameworks in place today in Venezuela — today, it’s uninvestable.”
Woods highlighted Exxon’s extensive history with Venezuela, noting that the company has operated there on two occasions, both resulting in the seizure of its assets. He maintained that significant changes are necessary within Venezuela to consider re-entering the market, yet expressed confidence that the Trump administration could collaborate with the Venezuelan government to facilitate such changes.
Contrasting Woods’ outlook, executives from other oil companies, including Chevron, expressed more optimism regarding investment prospects in Venezuela. Mark Nelson, Chevron’s vice chairman, informed Trump that the company intends to double its current production in Venezuela with its partners “effective immediately.”
These discussions occur against the backdrop of heightened tensions in Venezuela, particularly following a recent military operation by U.S. forces that led to the capture of Venezuelan President Nicolás Maduro and his wife. Maduro now faces charges related to drug trafficking and weapons in a New York court.
Following these developments, Exxon’s stock price showed little movement, remaining largely flat after trading closed on March 1, 2024. Despite this, the company’s shares have increased by over 16% in the past year, indicating some resilience in the face of geopolitical uncertainties.
As the situation evolves, the future of foreign investment in Venezuela, particularly from major oil companies, remains a focal point of international business discussions.