Trump threatens to sideline U.S. oil giant Exxon Mobil from Venezuela
CNBC••nation
Key Points:
- President Donald Trump threatened to exclude Exxon Mobil from Venezuela's energy market due to dissatisfaction with the company's cautious response to his calls for quick re-entry.
- Exxon CEO Darren Woods described the Venezuelan market as "uninvestable" in its current state, citing the need for significant changes before Exxon would consider re-entering.
- Venezuela seized Exxon and ConocoPhillips assets in 2007, and owes billions from arbitration claims, complicating the re-entry prospects for U.S. oil companies.
- Trump promised guarantees for oil companies re-entering Venezuela but did not provide specific details, suggesting previous problems occurred before his administration.
- Chevron remains the only major U.S. oil firm currently operating in Venezuela, while others remain cautious
