economy
January 10, 2026
What the Big Oil executives told Trump about investing in Venezuela
The CEOs of Exxon and Conoco are wary of returning to Venezuela. Chevron is ready to quickly ramp up production.
TL;DR
- Major U.S. oil executives met with President Trump to discuss investment in Venezuela's energy sector.
- ExxonMobil CEO Darren Woods stated Venezuela is currently 'uninvestable' due to past asset seizures and current legal/commercial frameworks.
- ConocoPhillips CEO Ryan Lance called for debt restructuring, financing for infrastructure, and the restructuring of Petróleos de Venezuela (PDVSA).
- Chevron sees a potential to increase its production by 50% in the next 18-24 months and can immediately double its current oil liftings.
- Treasury Secretary Scott Bessent suggested smaller oil companies and 'wildcatters' are more eager to invest in Venezuela than major oil companies.
Continue reading the original article