Jan. 12 at 8:52 PM
President Donald Trump said he is “inclined to keep Exxon Mobil out” of Venezuela after CEO Darren Woods expressed doubts about returning to drilling there, citing past asset seizures and an unfavorable legal framework. While the comments appeared to signal tension, they are widely seen as the opening phase of a public negotiation between the administration and major oil companies.
Exxon has little incentive to rush back into Venezuela given falling oil prices and better investment options elsewhere. Woods called the country “uninvestible” under current conditions, saying major legal and commercial changes would be required. Exxon shares fell modestly after Trump’s remarks, while Chevron’s stock rose.
Other oil companies, including ConocoPhillips, also remain cautious, suggesting prolonged negotiations ahead as Trump seeks private-sector participation without large taxpayer spending.
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