economy
January 30, 2026
Exxon CEO says Venezuela needs to transition to democracy for oil investment to make sense
ExxonMobil CEO Darren Woods in a CNBC interview stood by comments on Venezuela's oil industry that angered President Donald Trump.
TL;DR
- Exxon Mobil CEO Darren Woods stated Venezuela is 'uninvestable' in its current state, requiring a transition to democracy and economic stabilization.
- President Trump pressured oil companies to invest $100 billion in Venezuela, reportedly threatening to exclude Exxon from future investments after Woods' assessment.
- Exxon exited Venezuela in 2007 due to asset seizure and has outstanding claims against Caracas.
- Trump indicated his administration would not focus on past losses from nationalization when encouraging investment.
- Venezuela possesses the world's largest crude oil reserves, but its energy infrastructure is in disrepair.
- Exxon reported strong fourth-quarter results beating estimates, though profit and revenue were down year-over-year due to weak crude prices.
- Chevron is the only U.S. oil major currently operating in Venezuela under a special license.
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