Trump threatens to sideline U.S. oil giant Exxon Mobil from Venezuela
Darren Woods, chairman and chief executive officer of Exxon Mobil Corp., during a meeting with oil executives in the East Room of the White House in Washington, DC, U.S., on Friday, January 9, 2026.
Bloomberg | Bloomberg | Getty Images
US President Donald Trump threatened to step aside ExxonMobil He said he did not like the response of Venezuela’s energy market to oil companies’ calls to quickly re-enter the South American country.
“I don’t like Exxon’s response. You know, there are so many people who want this. I would probably tend to keep Exxon out,” Trump told reporters aboard Air Force One on Sunday.
“They act so cute,” he added.
His comments came after Exxon CEO Darren Woods said in a White House meeting with Trump that the Venezuelan market “cannot be invested“In its current state.
An Exxon spokesman did not immediately respond to a request for comment. Shares were down 1% in premarket trading Monday.
Woods, speaking along with several other American oil executives on Friday, said Exxon would need to see “some pretty significant changes” if it were to re-enter the country for a third time.
Venezuela seizes Exxon ConocoPhillipsCaracas owes companies billions of dollars in unpaid damages from 2007 assets and Caracas’ arbitration cases.
Woods said the company needed to see “permanent” investment protections, as well as changes to trading frameworks, the legal system and hydrocarbon laws.
“We are confident that with this administration and President Trump working hand in hand with the Venezuelan government, these changes can be implemented,” Woods said.
He added that Exxon is ready to send a technical team to assess the current status of Venezuela’s oil industry and assets.
100 billion dollar move
Trump is pushing for U.S. oil companies to invest at least $100 billion in Venezuela’s energy sector, promising to support them with government security assistance.
The call follows: The daring US military operation in Venezuela on January 3 to depose Venezuelan President Nicolas Maduro and his wife Cilia Flores.
U.S. President Donald Trump takes questions from members of the press aboard Air Force One on his way back to the White House from Palm Beach, Florida, on January 11, 2026.
Samuel Corum | Getty Images News | Getty Images
Asked by a reporter to clarify the type of support and security guarantees that would be provided to oil companies, Trump did not provide specific details.
“We will have guarantees,” Trump said. “They’ve had problems in the past because Trump wasn’t president,” he added.
U.S. oil firms have acknowledged that Venezuela, which has the world’s largest oil reserves, presents an interesting opportunity, but some have expressed caution about rushing to re-enter.
Strip It is the only major American oil company currently operating in Venezuela.
— CNBC’s Spencer Kimball contributed to this report.
