ExxonMobil CEO Darren Woods told CNBC that he was committed to helping the Trump administration understand the need to “make sure the right legal framework is in place” in the oil-rich country.
Trump criticised Woods’ reticence to invest in Venezuela following a White House meeting earlier this month shortly after the US seized Venezuelan leader Nicolas Maduro and Washington took control of Venezuela’s oil sector.
ExxonMobil reported profits of US$6.5 billion, down 14.6% from the same time last year.
Revenues were US$82.3 billion, down 1.3%.
ExxonMobil said it reached production records at the end of 2025 in Guyana and the shale-rich Permian Basin in the US as the company attained its highest annual oil and natural gas volumes in 40 years.
But lower crude prices translated into a drop in profits in ExxonMobil’s upstream exploration and production division, offset by slightly higher earnings in the company’s refining-orientated division.
On Venezuela, Trump said earlier this month that he “didn’t like” Woods’ stance at the White House meeting.
Woods called Venezuela “uninvestable” at the Jan 9 meeting, citing the company’s history of having assets taken by the country.
On Thursday, Venezuela’s parliament adopted reforms to a hydrocarbons bill. The revised law offers greater guarantees to private players, relinquishes state control of exploration, and lowers taxes.
Seeking safeguards
Woods’ comments at the White House were meant to communicate the “significant challenges that have to be addressed if we are going to achieve the priorities that the White House has,” Woods told CNBC on Friday.
Woods said the company has worked to help US and global administrations understand challenges in their sector, adding he’s confident the administration is listening and can work effectively with the Venezuelan government and its people.
ExxonMobil has been seeking compensation ever since its assets were expropriated under former Venezuelan leader Hugo Chavez.
Woods said the amounts of those claims are “not material”.
Chevron, the only US oil company that has continued to operate in Venezuela, “continues to engage” with Venezuela and US officials, the company said in a press release.
Chevron reported profits of US$2.8 billion, down 14.5% from the year-ago period. Revenues dipped 10.2% to US$46.9 billion.
“We have been a part of Venezuela’s past for more than a century,” said Chevron CEO Mike Wirth. “We stand ready to help it build a better future while strengthening US energy and regional security.”
Shares of ExxonMobil fell 1.5%, while Chevron dipped 0.1% in pre-market trading.