Darren Woods, Chairman and Chief Executive Officer of ExxonMobil, spoke at the White House to address questions regarding the company’s position on Venezuela. He acknowledged that ExxonMobil has been largely unresponsive to press inquiries about its interests in the country and took this opportunity to clarify the company’s perspective.
Woods emphasized that the oil industry faces ongoing challenges due to resource depletion, and that Venezuela presents a significant opportunity because of its abundant resources. He stated, “There’s an opportunity in Venezuela with all the resources there. We don’t have that challenge of finding; we have the challenge of developing those resources.”
He outlined ExxonMobil’s approach when entering new markets: “We take a very long‑term perspective. The investments that we make span decades and decades. So, we do not go into any opportunity with a short-term mindset.” Woods also stressed the importance of creating mutually beneficial arrangements for companies, governments, and local communities: “It has to be a win for the company and our shareholders… It has to be a win for the government… And it has to be a win for the people.”
Regarding Venezuela specifically, Woods noted ExxonMobil’s history in the country since the 1940s, including two instances where company assets were seized. He explained that re-entering Venezuela would require substantial changes: “If we look at the legal and commercial constructs—frameworks—in place today in Venezuela, today it’s uninvestable.”
Woods called for significant reforms in Venezuela’s legal system, commercial frameworks, investment protections, and hydrocarbon laws before considering renewed involvement. He expressed confidence that such changes could be achieved through cooperation between President Trump’s administration and Venezuelan authorities.
He clarified ExxonMobil’s current position: “We don’t have a view on [the Venezuelan] government. We haven’t talked to the Venezuelan government, and obviously we have yet to assess the people’s perspective with respect to ExxonMobil entering the country.”
In terms of immediate actions, Woods suggested sending a technical team to evaluate industry conditions if invited by Venezuelan authorities and if security guarantees are provided. He added that ExxonMobil could assist in restoring production capacity and bringing Venezuelan crude oil back to market.
Woods concluded by thanking President Trump and several secretaries for their efforts on energy security in the region.
