‘Didn't like their response’: Trump might block Exxon Mobil from Venezuela after CEO called the nation ‘uninvestable’

US President Donald Trump has stated he might block Exxon Mobil from investing in Venezuela after Exxon's CEO described the country as "uninvestable" during a White House meeting. Trump had gathered at least 17 oil executives, urging them to consider a $100 billion investment to help revive Venezuela’s oil sector following recent political changes. 

At the meeting, CEO Darren Woods outlined Exxon Mobil's challenges in Venezuela, referencing the company’s past experiences. "We've had our assets seized there twice, and so you can imagine to re-enter a third time would require some pretty significant changes from what we've historically seen here," Woods said. He stressed the need for legal and regulatory reforms: "If we look at the legal and commercial constructs and frameworks in place today in Venezuela, it's uninvestable."

Woods further stated that Exxon required durable investment protections and reforms to the country's hydrocarbons law. Only substantial legal changes, he said, would make the market viable for re-entry. "Venezuela would need to change its laws before it could be an attractive investment opportunity," Woods told Trump.

Trump responded sharply: "I didn't like Exxon's response," he told reporters. "I'll probably be inclined to keep Exxon out. They're playing too cute." 

Trump also addressed companies seeking to recover losses from past nationalisations. He said ConocoPhillips would get a lot of its money back, but the US would start with a clean slate: "We're not going to look at what people lost in the past because that was their fault."

During the meeting, ConocoPhillips CEO Ryan Lance said his company was the largest non-sovereign credit holder in Venezuela and called for restructuring the country's debt and energy system, including PDVSA. 

Exxon, ConocoPhillips, and Chevron were long-standing partners of Venezuela’s state oil company PDVSA before the industry was nationalised between 2004 and 2007. Both Exxon and ConocoPhillips later filed arbitration cases, and court rulings have found Venezuela owes more than $13 billion collectively to the two companies due to expropriations.

Trump reiterated that his administration would decide which firms are allowed to operate in Venezuela. With Exxon's future in the country uncertain, the direction of US policy and investment will depend on company responses to these regulatory shifts.