The CEOs of Exxon Mobil and Chevron reiterated Friday that they won’t yet commit to investing in Venezuela, even as the country overhauls its oil and gas laws to be more favorable to foreign companies.
Both Darren Woods and Mike Wirth, the leaders of Exxon and Chevron, respectively, said during their companies’ earnings calls that they need to see more geopolitical stability and guarantees from the Trump administration before pouring investments into Venezuela.
Woods, who ignited President Donald Trump’s ire by saying Venezuela is currently “uninvestable” at a White House meeting in January, gave a more muted response Friday when asked about his company’s plans.
“It’s a large resource that has the opportunity to become a more sizable part of our portfolio in the future. But we also need to see stability in the country,” Woods said. “We need to have confidence in the fiscal regime.”
