What caused Exxon CEO Darren Woods to shift from calling Venezuela 'uninvestable' to expressing positivity about reinvestment?

Exxon CEO Darren Woods shifted his stance after Venezuela recently changed its energy regulations and contract terms to make them more attractive to foreign companies, following the Trump administration's capture of former leader Nicolás Maduro in January and its subsequent control of the country’s crude exports.

Why does Exxon consider Venezuela strategically important for its operations, according to CEO Darren Woods?

Woods highlighted that Venezuela holds the world’s largest oil reserves, its crude is highly prized by US Gulf Coast refineries, and Exxon has a long history of producing heavy oil—which makes up the bulk of Venezuela’s reserves—making the company uniquely positioned to help bring those barrels to market.

Exxon CEO Feels Positive on Venezuela After Earlier Criticism

May 1, 2026

Exxon Mobil CEO Darren Woods signaled optimism regarding Venezuelan oil investments following regulatory changes, leveraging the nation's vast reserves. Meanwhile, rival Chevron anticipates debt repayment by 2027 before considering further expansion in the region.

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