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Exxon Believes Venezuela Currently Is “UnInvestable” As Trump Pushes Oil Plan…
Posted on 1/13/26 at 7:59 pm
Posted on 1/13/26 at 7:59 pm
Trump seems to think Exxon is “playing too cute” because it doesn’t want to torch tens of billions of dollars rebuilding an oil sector hollowed out by decades of socialist malpractice, just to produce some of the heaviest, most asphalt-like crude on the planet that exponentially increases field production costs?
So the petroleum engineers and bean-counters who actually are on the hook for this capital investment are just just playing clever?
Sure, Exxon should ignore collapsing infrastructure and refinery upgrades that may likely cost more than the oil is worth.
Trump warns ExxonMobil after CEO calls Venezuela ‘uninvestable’: ‘They’re playing too cute’
….President Trump told reporters Sunday night that he was “inclined” to deny ExxonMobil any role in rebuilding Venezuela’s moribund oil industry after its CEO told him point-blank Friday that the South American country was “uninvestable” despite the recent capture of President Nicolas Maduro.
ExxonMobil CEO Darren Woods made the blunt assessment during a White House meeting of petroleum executives whom Trump was trying to persuade to restart production in Venezuela after more than 25 years of left-wing authoritarian rule.
“If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s uninvestable,” said Woods, who has led the world’s largest oil company since January 2017.
“I didn’t like Exxon’s response,” Trump said to reporters on Air Force One as he departed West Palm Beach, Florida. “They’re playing too cute.”
So the petroleum engineers and bean-counters who actually are on the hook for this capital investment are just just playing clever?
Sure, Exxon should ignore collapsing infrastructure and refinery upgrades that may likely cost more than the oil is worth.
Trump warns ExxonMobil after CEO calls Venezuela ‘uninvestable’: ‘They’re playing too cute’
….President Trump told reporters Sunday night that he was “inclined” to deny ExxonMobil any role in rebuilding Venezuela’s moribund oil industry after its CEO told him point-blank Friday that the South American country was “uninvestable” despite the recent capture of President Nicolas Maduro.
ExxonMobil CEO Darren Woods made the blunt assessment during a White House meeting of petroleum executives whom Trump was trying to persuade to restart production in Venezuela after more than 25 years of left-wing authoritarian rule.
“If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s uninvestable,” said Woods, who has led the world’s largest oil company since January 2017.
“I didn’t like Exxon’s response,” Trump said to reporters on Air Force One as he departed West Palm Beach, Florida. “They’re playing too cute.”
18
Posted on 1/13/26 at 8:00 pm to Toomer Deplorable
Exxon just trying to milk Trump for infrastructure improvement money for the facilities.
Posted on 1/13/26 at 8:04 pm to W2NOMO
quote:
Exxon just trying to milk Trump for infrastructure improvement money for the facilities.
Came to post this.
Posted on 1/13/26 at 8:04 pm to W2NOMO
There are smaller US oil companies who are capable of going into Venezuela to develop and modernize Venezuela oil fields, companies who are chomping at the bit to take the risk/reward gamble.
Posted on 1/13/26 at 8:11 pm to Toomer Deplorable
Exxon CEO said at Trump's summit the company got burned twice in Venezuela so I can understand their skepticism and probably wanting to take a pass.
Posted on 1/13/26 at 8:19 pm to W2NOMO
quote:
Exxon just trying to milk Trump for infrastructure improvement money for the facilities.
Let’s don’t forget that Exxon was burned for billions by Venezuela when Chavez nationalized the oil industry. Exxon’s hesitancy certainly is heavily influenced by its earlier losses in Venezuela, compounded by the political and legal uncertainties that still exist.
Posted on 1/13/26 at 8:23 pm to Bass Tiger
quote:
There are smaller US oil companies who are capable of going into Venezuela to develop and modernize Venezuela oil fields, companies who are chomping at the bit to take the risk/reward gamble.
I think Exxon is correct, and it is uninvestable without US government guarantees. Venezuela is just not trustworthy.
Posted on 1/13/26 at 8:27 pm to 14&Counting
quote:
Exxon CEO said at Trump's summit the company got burned twice in Venezuela so I can understand their skepticism and probably wanting to take a pass.
So much of Venezuela's oil and gas infrastructure was built by Exxon...there's no way the just sit this one out. No matter how many times they've been "burned" in the past.
Posted on 1/13/26 at 8:28 pm to Penrod
I mean they installed a Chavista. Maybe they guarantee she behaves for three years, but after that? Exxon would be stupid to trust things won’t just go back to where they were at.
Why go through the trouble of overthrowing a regime if you’re just going to go who was next up anyways?
Why go through the trouble of overthrowing a regime if you’re just going to go who was next up anyways?
Posted on 1/13/26 at 8:29 pm to Bass Tiger
quote:
There are smaller US oil companies
There aren’t a bunch of oil companies with pockets deep enough to risk billions of dollars without a single guarantee.
Venezuela is a bad investment and I would bet on Exxon’s evaluation of the market over say…most operators.
Posted on 1/13/26 at 8:32 pm to Toomer Deplorable
mor·i·bund
/'môr??b?nd/
adjective
(of a person) at the point of death.
/'môr??b?nd/
adjective
(of a person) at the point of death.
Posted on 1/13/26 at 8:36 pm to 14&Counting
quote:
Exxon CEO said at Trump's summit the company got burned twice in Venezuela so I can understand their skepticism and probably wanting to take a pass.
You beat me to it. But The Exxon CEO very likely is expressing the concern of Exxon’s stockholders since Exxon’s CEO has a fiduciary duty to shareholders aware of this past history. Exxon calling Venezuela “uninvestable” very likely is a simple price discovery on a significant sovereign risk.
Posted on 1/13/26 at 8:38 pm to Gee Grenouille
Why the heck would Exxon, or any other company want to invest the money it takes to get up and running only to have it all go away under the next democrat administration?
Posted on 1/13/26 at 8:46 pm to Penrod
As an ExxonMobil PE I can tell you this is exactly the talk going around Campus. Like Darren said we’ve been burned twice.
This post was edited on 1/13/26 at 8:49 pm
Posted on 1/13/26 at 8:51 pm to W2NOMO
Isn’t Chevron operating there? How come everyone else got kicked out but them?
Posted on 1/13/26 at 8:56 pm to FourThinInches
Because they bent the knee to Chavez after nationalization and gave the state-run oil company (PDVSA) a 60% controlling interest…Exxon and ConocoPhillips told Chavez to eff off and sued. The sanctions placed by the US government allowed Chevron to work on existing projects but couldn’t start any new ventures.
Posted on 1/13/26 at 9:05 pm to Toomer Deplorable
Exxon got burned, but their entire board together ain't nearly as smart as Trump. They should listen to what the king says.
Posted on 1/13/26 at 9:15 pm to Toomer Deplorable
I think it's more they are thinking long term. Trump will be out of office in 3 years, then what? Who knows what the next administration will do or who will be in power in Venezuela.
Posted on 1/13/26 at 9:56 pm to Toomer Deplorable
Exxon didn’t fall off the turnip wagon…why put money in a place where you’ve had all of your assets stolen before? Trump will be gone in 3 years…oil industry investments require putting money out for 5+ years before starting to see a return. Exxon CEO is responsible for managing investors money…not catering to something Trump will forget about 6 months from now.
This post was edited on 1/13/26 at 9:57 pm
Posted on 1/13/26 at 9:58 pm to 4Bagger
There are several folks on the board who’ve forgotten more about the oil industry than Trumper will ever know. Real estate isn’t the oil business…not even close. If it’s such a wonderful investment I’m sure Trump and family will put 75%+ of Trump family net worth into Venezuelan oil production.
This post was edited on 1/13/26 at 10:01 pm
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