Trump says he's 'inclined to keep Exxon out' of Venezuela after CEO's skepticism

By Mike Murphy

President Donald Trump walks on the South Lawn after landing at the White House on Sunday night.

President Donald Trump on Sunday threatened to exclude Exxon Mobil from any oil deals in Venezuela, after the oil giant apparently didn't display enough enthusiasm during a Friday meeting at the White House.

"I'd probably be inclined to keep Exxon out," Trump told reporters on Air Force One on Sunday evening while traveling back to Washington from his Mar-a-Lago estate in Florida. "I didn't like their response. They're playing too cute."

Trump's comments came after he held a meeting Friday with major oil company executives over how to rebuild Venezuela's oil infrastructure and create "massive wealth."

But Exxon (XOM) CEO Darren Woods said that Venezuela is, at the moment, "uninvestable" unless major changes are made to the country's governance and security. Still, Woods said he would be open to sending company personnel to Venezuela to explore opportunities.

Venezuela has twice seized foreign oil assets, and Woods said that "to re-enter a third time would require some pretty significant changes from what we've historically seen here and what is currently the state."

Some have estimated that rebuilding Venezuela's oil industry could take $100 billion in investments over the next decade, with no guarantees of security or success. Chevron (CVX) has been the only U.S. oil company to continue operating in Venezuela in the past two decades.

After deposing President Nicolás Maduro last weekend, Trump has said the U.S. will "run" Venezuela and its oil industry. On Tuesday, he said Venezuela would immediately send the U.S. 30 million to 50 million barrels of crude, which the U.S. will sell while Trump himself controls the proceeds.

Exxon shares are up about 3.6% this year, and up 14% over the past 12 months.

-Mike Murphy

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01-11-26 2259ET