Overview
- President Trump told reporters he is inclined to keep Exxon Mobil out of Venezuela, saying the company was "playing too cute" after declining to commit to investment.
- Exxon CEO Darren Woods said Venezuela is "uninvestable" under current frameworks, citing past asset seizures and the need for durable protections and hydrocarbon‑law reforms.
- The administration has asserted it will decide which firms can operate in Venezuela and issued an executive order to shield Venezuelan oil revenues held in U.S. accounts.
- Chevron signaled readiness to expand production with partners in Venezuela, contrasting with more cautious stances from Exxon and ConocoPhillips.
- Legal and financial hurdles persist, including expropriations and arbitration awards of more than $13 billion owed to Exxon and ConocoPhillips, even as the White House presses for roughly $100 billion in new investment.