May. 1 at 11:35 PM
Exxon Mobil is evaluating potential investments in Venezuela following recent changes to the country’s energy regulations and contract terms, CEO Darren Woods said Friday.
The shift comes after Woods previously told President Donald Trump that Venezuela’s oil sector was “uninvestable,” prompting criticism from Trump, who described Exxon as “too clever.” Woods now said Venezuela represents a “huge resource” with improving conditions and a “positive opportunity,” noting that Exxon has sent a team to assess the situation and could play a key role in bringing heavy crude to market.
Venezuela has reformed its energy framework to attract foreign investment, while Exxon’s past operations in the country were nationalized twice in previous decades. Chevron, already active in Venezuela, continues producing about 250,000 barrels per day and is reviewing further expansion, while also working to recover roughly
$1.5B in debt through production revenues.
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