"Many oil executives took their turn Friday when they were called to the White House to discuss investing billions of dollars in revitalizing the dilapidated Venezuelan industry. But Exxon Mobil CEO Darren Woods politely poured cold water on Trump's preferred expediency, calling Venezuela "uninvestable" until a prolonged period of reforms can be enacted. A clearly miffed Trump on Sunday called Exxon "too cute," and he said he's inclined to keep the world's largest Big Oil giant out of Venezuela."
"Woods, an Exxon lifer who succeeded Rex Tillerson as CEO in 2017 when his boss went to work for Trump, is a reserved but strong-spoken chief who has emerged as an unofficial industry spokesman. Woods is a believer in the famed, disciplined 'Exxon way.' He's always cordial but blunt. He'll tell you Exxon won't invest in renewables-Exxon is about molecules, not electrons-and that Exxon shouldn't be blamed for climate change."
"And he's not going to appease the president by upsetting Exxon shareholders-an ongoing conundrum for the business leaders. Energy analysts said Exxon stock likely would have suffered if Exxon overcommitted to spending billions in Venezuela in its current, uneconomic state. Exxon's stock ticked down only slightly by 0.5% on Monday-despite Trump's critical words-and maintained a market cap of about $529 billion."
President Donald Trump has pursued tariff conflicts and pressured companies, prompting CEOs from big industries to visit the White House. Many oil executives met with the president to discuss investing billions to revive Venezuela's dilapidated oil industry. Exxon Mobil CEO Darren Woods warned that Venezuela is uninvestable until extensive reforms occur and declined to commit immediate funds. Woods emphasizes Exxon's traditional focus on hydrocarbons rather than renewables and resists actions that would upset shareholders. Analysts said overcommitting to Venezuela now would harm Exxon's stock, which fell only slightly and retained about a $529 billion market cap.
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