Trump Upset With Exxon, Flags Exclusion From Venezuela Oil

By Sandy Verma On Jan 12, 2026

Trump Upset With Exxon, Flags Exclusion From Venezuela Oil/ TezzBuzz/ WASHINGTON/ J. Mansour/ Morning Edition/ President Donald Trump said he is “inclined” to exclude ExxonMobil from participating in Venezuela’s oil sector after Exxon’s CEO voiced skepticism about investing there, calling it “uninvestable.” Trump criticized the company’s cautious response and suggested it could lose out on opportunities in the country. The comments reinforce the administration’s effort to reshape Venezuela’s energy industry after the ouster of Nicolás Maduro.

President Donald Trump boards Air Force One at Palm Beach International Airport, Sunday, Jan. 11, 2026, in West Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson)

Trump ExxonMobil Venezuela Quick Looks

Trump says he is “inclined” to keep ExxonMobil out of Venezuela’s oil sector.
Trump voiced displeasure with Exxon CEO’s “uninvestable” comment.
Company leaders raised concerns about Venezuela’s legal and commercial conditions.
The remark came after a White House oil industry meeting.
Trump wants U.S. companies to help rebuild Venezuela’s oil industry.
Exxon and others previously operated in Venezuela before nationalizations.
Trump signed an order protecting Venezuelan oil revenues from seizure.
The administration is seizing tankers and planning oil sales globally.
Trump criticized Exxon for not embracing his investment pitch.
Other U.S. energy executives expressed more optimism about Venezuela.

FILE – An Exxon gas station is shown in Upper Darby, Pa., on April 26, 2022. Exxon Mobil Corp. is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas. (AP Photo/Matt Rourke, File)

Trump Upset With Exxon, Flags Exclusion From Venezuela Oil

Deep Look

President Donald Trump said Sunday that he is “inclined” to keep ExxonMobil out of Venezuela’s oil redevelopment plans after the company’s chief executive expressed doubts about investing in the country’s energy sector. Trump made the comments to reporters on Air Force One as he departed West Palm Beach, Florida, following a high‑profile White House meeting with major U.S. oil industry leaders.

“I didn’t like Exxon’s response,” Trump said, critiquing the company for what he described as playing things “too cute” instead of fully supporting his push for large investments in Venezuela’s oil infrastructure.

At the Friday meeting, Trump outlined a broad goal for U.S. oil companies to invest at least $100 billion in Venezuela’s petroleum sector as part of a wider effort to revive production and reshape the country’s energy landscape after the ouster of Venezuelan President Nicolás Maduro. He insisted that oil executives would be working directly with the U.S. government rather than with Venezuelan authorities, a key part of his strategy to stabilize and control the industry.

Despite the administration’s assurances, ExxonMobil’s chief executive, Darren Woodswas openly cautious about the investment climate in Venezuela. Woods noted that the country’s current legal and commercial framework makes it “uninvestable” without significant reforms, durable investment protections, and changes to hydrocarbon laws. He emphasized that Exxon and other firms must have confidence in legal and regulatory stability before committing capital to rebuilding operations in Venezuela.

ExxonMobil has a long, complex history with Venezuela’s oil sector, dating back decades. The company’s assets were seized by the Venezuelan government in past nationalizations, and Exxon successfully pursued arbitration to reclaim compensation for those losses. Other U.S. oil majors, including ConocoPhillips and Chevron, have similar histories in the region. These past disputes are a key reason Exxon is cautious about reentering a market it believes remains risky under current conditions.

While Exxon expressed hesitancy, other leaders in the oil industry were more bullish about opportunities in Venezuela. Chevron’s vice chairman told Trump the company could ramp up Venezuelan production quickly, highlighting the mixed reactions among major U.S. energy firms.

Alongside his remarks about Exxon, Trump signed an executive order designed to protect Venezuelan oil revenue from being seized in judicial proceedings, arguing that such seizures could undermine U.S. goals for economic and political stability in Venezuela.

The broader plan from the White House involves not only attracting investment but also asserting U.S. control over Venezuelan oil sales. The administration has seized tankers that once carried Venezuelan crude and announced intentions to control the production and distribution of millions of barrels of previously sanctioned oil indefinitely. This effort reflects Trump’s assertive stance in shaping the global energy market and leveraging U.S. influence following Maduro’s removal from power.

Trump’s frustration with Exxon’s response underscores tensions between government ambition and corporate risk assessments. While the president wants swift action and bold investment, oil executives point to decades of political instability, asset seizures, and unclear legal protections that make long‑term commitments risky.

By signaling that ExxonMobil could be excluded from key opportunities in Venezuela, the administration is sending a message not only to the company but also to the broader energy sector about its expectations and strategic priorities in the region. Whether this stance alters Exxon’s approach or ultimately reshapes U.S. corporate participation in Venezuela’s oil industry remains to be seen.