New York, January 13, 2026, 07:10 EST
- Exxon shares dipped in early trading following Trump’s comment that he might continue to bar the company from Venezuela
- A source confirmed Exxon remains ready to dispatch a technical team to evaluate Venezuela’s oil assets
- Oil industry group warns that contract security issues and unresolved unpaid claims might delay any comeback
Exxon Mobil is still planning to dispatch an assessment team to Venezuela in the coming weeks, according to someone familiar with the company’s strategy, despite President Donald Trump’s hint that he might block the oil giant’s access to the country.
Exxon shares slipped 0.5% to $124.03 ahead of the open.
The standoff is significant as Trump pushes U.S. energy firms to step in and rebuild Venezuela’s oil industry following the capture of Nicolás Maduro. He frames the move as both an economic reboot and a strategic victory. The White House is eager for private investment to ramp up fast, but the big players tend to operate at a slower pace.
Investors now face a pressing question: will political access, rather than oil prices, be the real hurdle? Venezuela’s massive reserves are tempting, but companies recall all too well the risks when contracts fall apart and governments shift the goalposts.
After meeting with oil executives at the White House, Trump told reporters he was “inclined” to exclude Exxon, adding: “I didn’t like Exxon’s response. They’re playing too cute.” He also signed an executive order to protect Venezuelan oil revenue from court seizures. The administration has pitched its Venezuela strategy as a U.S.-led effort to restart oil flows, the Associated Press reported. Apnews
Exxon executives were caught off guard by Trump’s public comments, according to a source. Woods told Trump that Venezuela would need to implement legal reforms and ensure lasting investment protections before Exxon could commit. The company is willing to send a technical team to assess infrastructure and assets, Reuters reported. American Petroleum Institute President Mike Sommers emphasized the need for stronger workforce security and policy reforms, including “contract sanctity” — meaning agreements must be honored — before the industry can move forward. He also pointed to legacy debts from past expropriations as a “significant hurdle.” Reuters
Some oil executives reportedly urged the White House not to hold the meeting, sources told Bloomberg News. Their worry: the situation on the ground isn’t ripe for quick moves, and companies risk being seen as opportunistically carving up Venezuela’s assets. Bloomberglaw
Chevron, which has maintained a foothold in Venezuela throughout, is viewed as better placed to benefit if the country expands access to U.S. companies, thanks to its existing operations and ties. Shares of Chevron rose 0.2% in premarket trading, whereas ConocoPhillips, another firm with deep Venezuelan roots, dropped 2.1%.
The core problem lies in legal memory. Exxon and Conoco left when Venezuela’s oil sector was nationalized under Hugo Chávez. Arbitration cases—a legal process for settling disputes outside courts—ended with the companies owed billions, Reuters reports.
Even if Trump eases his position, the road to recovery remains complicated. Security guarantees, a steady commercial setup, and years of investment are needed before any significant barrels come online — and these projects face risks from shifting policies in Washington and Caracas alike.
