Jan. 13 at 6:33 PM
Exxon Mobil stock hit a record high on Tuesday, signaling investor confidence despite public tension with President Trump over Venezuela. Trump said he is “inclined to keep Exxon out” of the country after CEO Darren Woods expressed skepticism about restarting drilling there, citing past asset seizures and weak legal protections that make Venezuela “uninvestible” without major changes.
Investors appear to support Exxon’s cautious stance, viewing it as disciplined capital allocation aligned with the company’s goal of growing earnings by
$25 billion by 2030. While the comments briefly pressured the stock, the dispute is widely seen as an opening move in a broader negotiation between oil companies and the administration.
Exxon has little incentive to re-enter Venezuela amid falling oil prices and better opportunities elsewhere, while the U.S. government may ultimately need industry cooperation to revive Venezuelan production without heavy taxpayer spending.
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