U.S. President Donald Trump threatened to sideline Exxon Mobil from Venezuela’s energy market, saying he didn’t like their response to his calls for oil companies to quickly reenter the South American country.
“I didn’t like Exxon’s response. You know we have so many that want it. I’d probably be inclined to keep Exxon out,” Trump told reporters onboard Air Force One on Sunday.
“They’re playing too cute,” he added.
His comments come shortly after Exxon CEO Darren Woods made headlines for saying at a White House meeting with Trump that the Venezuelan market is “uninvestable” in its current state.
An Exxon spokesperson did not immediately respond to a request for comment. Shares of Exxon were down less than 1% in morning trading Monday.
Speaking alongside several other American oil executives on Friday, Woods said Exxon would need to see “some pretty significant changes” if it was to reenter the country for a third time.
Venezuela seized Exxon’s and ConocoPhillips’ assets in 2007, and Caracas owes the companies billions of dollars in outstanding claims from arbitration cases.
Woods said the company would need to see changes to commercial frameworks, the legal system and hydrocarbon laws, alongside what he described as “durable” investment protections.
“We’re confident that with this administration and President Trump working hand‑in‑hand with the Venezuelan government that those changes can be put in place,” Woods said.
He added that Exxon was prepared to send a technical team to evaluate the current state of Venezuela’s oil industry and assets.
$100 billion push
Trump has been pushing for U.S. oil companies to invest at least $100 billion in Venezuela’s energy sector, pledging to support them with government security assistance.
The call follows an audacious U.S. military operation in Venezuela on Jan. 3 to depose Venezuelan President Nicolas Maduro and his wife, Cilia Flores.
Asked by a reporter for clarity on the type of backstops and security guarantees that would be provided to oil companies, Trump did not provide specific details.
“We are going to have guarantees,” Trump said. “They had problems in the past because they didn’t have Trump as a president,” he added.
U.S. oil firms acknowledged that Venezuela, which boasts the world’s largest oil reserves, represents an intriguing opportunity but some have expressed caution about rushing to reenter.
Chevron is currently the only major American oil firm still operating in Venezuela.
