Trump threatens to keep ExxonMobil out of Venezuela after CEO's remarks

WASHINGTON ‒ President Donald Trump said he's "inclined" to shut ExxonMobil out from accessing oil in Venezuela after the company's CEO expressed skepticism about Trump's plan for American companies to take a financial stake in the country's vast oil supply.

Trump, speaking to reporters Jan. 11 on Air Force One, said "a lot" of companies have committed to invest in Venezuelan oil, even though U.S. oil executives made clear during a Jan. 9 meeting with Trump that major changes must take place to ensure the viability of oil operations in Venezuela.

The most skeptical publicly was ExxonMobil CEO Darren Woods, who said Venezuela's legal and commercial challenges make the country's oil currently "uninvestable."

"I didn't like Exxon's response," Trump said. "We have so many that want it. I'd probably be inclined to keep Exxon out. I didn't like their response. They're playing too cute."

Trump has said the United States will take control of between 30 billion and 50 billion barrels of Venezuela oil. He is working to convince American oil companies to spend billions to upgrade aging oil infrastructure to increase the country's energy output. He has argued the companies will more than earn their money back through profits, with oil sold to both Americans and Venezuelans.

But in his meeting with Trump and other administration officials, Woods pointed to ExxonMobil's' fraught history with oil in Venezuela. "We first got into Venezuela in the 1940s. We've had our assets seized twice," he said. "So you can imagine, to re-enter a third time would require some pretty significant changes from what we've seen historically here and what is currently the state."

Woods said oil companies investing in Venezuela would need legal, financial and security guarantees. "There has to be durable investment protections and there has to be a change to the hydrocarbon laws in the country," he said.

ExxonMobil was one of 17 companies represented at last Friday's meeting meeting Trump and oil industry leaders.

Trump said he hopes to strike a deal for the oil companies to access Venezuela's oil that would include security guarantees to keep the companies "physically safe, in addition to financially safe."

"We have to get them to invest, and then we have to get their money back as quickly as we can. And then we can divvy it all up between Venezuela, the United States and them. I think it’s simple," Trump said.

Reach Joey Garrison on X @joeygarrison.