President Trump said Sunday he did not like comments from Exxon Mobil (XOM) CEO Darren Woods during Friday’s meeting at the White House, and as a result is “inclined” toward blocking the company from drilling in Venezuela.
“I’ll probably be inclined to keep Exxon out… They’re playing too cute,” Trump told reporters traveling with him aboard Air Force One.
Woods had said Venezuela is currently “uninvestable” without significant changes to the country’s commercial frameworks, legal system and hydrocarbon laws, but expressed confidence that changes could be started with the Trump administration and Venezuelan government working together.
Several of the nearly 20 oil industry executives at Friday’s meeting expressed caution over Venezuela, but Woods’ skeptical remarks emerged as the dominant headline, undercutting the Trump administration’s effort to build momentum toward restoring the country’s shattered crude oil infrastructure.
Exxon (XOM) and ConocoPhillips left Venezuela and filed for arbitration cases two decades ago after the government nationalized the oil industry, while Chevron negotiated deals to partner with the country’s state oil company PDVSA.