ExxonMobil's CEO Called Venezuela 'Uninvestable'; Trump Says It's Going In Anyway
In January, ExxonMobil’s CEO Darren Woods described Venezuela as “uninvestable” during a White House meeting. However, President Donald Trump recently stated that Exxon is going in anyway to the country where it had exited two decades ago. While no official confirmation from Exxon has been made, recent developments suggest potential changes on the horizon. Chevron confirmed its expansion into Venezuela with plans to invest over $7 billion and increase production significantly. The improved terms of Chevron’s deal may indicate that Venezuela is willing to offer better conditions for foreign investment—conditions previously cited by Exxon as necessary before reentering the market. These developments could signal a potential return for ExxonMobil, which has long sought durable protections and favorable economics. Investors are advised to monitor these events closely, as any move toward renewed operations in Venezuela would align with Exxon’s strategic goals through 2030 and potentially enhance its position among oil stocks.
Topics: Chevron ExxonMobil U.S. Oil Deal Venezuela