Exxon Mobil CEO Darren Woods described Venezuela as currently “uninvestable,” citing past asset seizures and unresolved disputes over compensation. His comments followed a meeting between President Donald Trump and U.S. oil executives, where Trump encouraged increased investment in the South American country.
Woods noted that Exxon had previously invested in Venezuela but faced significant risks, including nationalization of its assets. He emphasized the need for legal and financial transparency, contract protections, and guarantees for worker safety before any future investments could be considered.
“Look, we need safety guarantees, we need to ensure that personnel operating in the region are going to be out of harm’s way,” Woods said. “We need a legal system that protects the sanctity of contracts and a financial system that’s transparent.”
Venezuela was once a major oil producer, outputting around 3.5 million barrels per day before political and economic turmoil under Hugo Chávez contributed to a long-term decline.
Despite tensions over Venezuela, analysts remain positive on Exxon Mobil as an investment. The company’s diversified operations—in upstream production, refining, and petrochemicals—allow it to manage market volatility. Exxon’s refining and chemicals businesses often offset lower crude prices with improved profit margins.
Exxon also maintains a strong balance sheet and a consistent capital return program. The company plans to buy back $20 billion in shares over the next year, which is expected to continue if Brent crude prices remain in the $60 to $65 per barrel range.
“They pay an outstanding dividend that’s been rising over the course of history,” one analyst said. “Quality of assets, balance sheet, management, and shareholder returns make this an attractive investment.”
