Darren Woods, Chairman and CEO of Exxon Mobil Corp., during a meeting with oil executives in the East Room of the White House in Washington, DC, U.S., Friday, January 9, 2026.
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American President Donald Trump threatened to put aside Exxon Mobile of Venezuela’s energy market, saying he didn’t like their response to his calls so that oil companies quickly re-enter the South American country.
“I didn’t like Exxon’s response. You know, there are so many of us who want it. I would probably be inclined to leave Exxon out of it,” Trump told reporters aboard Air Force One on Sunday.
“They act so cute,” he added.
His comments come shortly after Exxon CEO Darren Woods. makes headlines for stating during a White House meeting with Trump that the Venezuelan market is “not investable” in its current state.
An Exxon spokesperson did not immediately respond to a request for comment. Shares were last seen down 1.1% on Monday in pre-market trading.
Speaking Friday alongside several other U.S. oil executives, Woods said Exxon would need “some pretty significant changes” if it wanted to re-enter the country for a third time.
Venezuela seized Exxon and ConocoPhillipsin 2007, and Caracas owes the companies billions of dollars in outstanding claims arising from arbitrations.
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Woods said the company would need changes to business frameworks, the legal system and hydrocarbon laws, alongside what he described as “sustainable” investment protections.
“We are confident that with this administration and President Trump working hand in hand with the Venezuelan government, these changes can be implemented,” Woods said.
He added that Exxon was prepared to send a technical team to assess the current state of Venezuela’s oil industry and assets.
A $100 billion surgeTrump has pushed for U.S. oil companies to invest at least $100 billion in Venezuela’s energy sector, pledging to support them with government security assistance.
The call follows a daring American military operation in Venezuela on January 3 to remove Venezuelan President Nicolas Maduro and his wife Cilia Flores.
U.S. President Donald Trump answers questions from members of the press aboard Air Force One on January 11, 2026, en route to the White House from Palm Beach, Florida.
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Asked by a reporter what kind of safety nets and security guarantees would be provided to oil companies, Trump did not provide specific details.
“We will have guarantees,” Trump said. “They had problems in the past because they didn’t have Trump as president,” he added.
U.S. oil companies have acknowledged that Venezuela, which has the world’s largest oil reserves, represents an attractive opportunity, but some have expressed caution about rushing back there.
Chevron is currently the only major American oil company still active in Venezuela.
—Spencer Kimball of CNBC contributed to this report.