Trump threatens to exclude Exxon from Venezuela ventures after CEO’s “uninvestable” remark
President Donald Trump suggested he may block ExxonMobil from participating in U.S.-backed energy projects in Venezuela, expressing frustration with the company's CEO for describing the country as “uninvestable” due to past asset seizures.
President Donald Trump has indicated he may exclude ExxonMobil from future energy projects in Venezuela following critical comments from the company’s chief executive. The disagreement highlights the challenges facing U.S. efforts to rapidly rebuild Venezuela’s oil industry after a recent military intervention.
CEO's Caution Clashes with White House Ambition
The friction emerged after a White House meeting on Friday where Trump urged major energy firms to invest in Venezuela, promising a spending push of at least $100 billion. ExxonMobil CEO Darren Woods struck a more cautious tone, noting the company’s assets had been seized twice in the country and describing Venezuela as currently “uninvestable.” Trump, speaking to reporters aboard Air Force One, expressed clear disapproval: “I didn't like Exxon response… I'll probably be inclined to keep Exxon out. They're playing too cute.”
Post-Intervention Push for Investment
The administration’s push follows a U.S. military operation on January 3rd that captured former Venezuelan President Nicolás Maduro. Trump has stated the U.S. will “run” Venezuela and its oil assets during a transition period. While Trump claimed on Friday he canceled further military action due to improved cooperation from interim authorities, the practical path to securing massive foreign investment remains fraught with legal and reputational risks for energy giants.
Balancing Corporate Risk with Geopolitical Goals
The public spat underscores the tension between the geopolitical objectives of the U.S. government and the risk assessments of multinational corporations. Exxon’s historical experience in Venezuela serves as a stark warning of the potential for nationalization and loss. The administration’s threat to exclude a major U.S. company from potential contracts signals a willingness to prioritize compliant partners in its strategy to exert control over Venezuela’s vast oil reserves, one of the largest in the world.
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