• Exxon Mobil and Chevron say no plans to increase Venezuela capital spending in 2026
• CEOs cite need for legal reforms, political stability, and favorable oil prices before major investments
• Trump threatened to exclude Exxon after CEO called Venezuela “uninvestable”

HOUSTON, TX (TDR) — America’s largest oil companies told investors Friday they have no plans to increase capital spending in Venezuela this year despite President Donald Trump‘s demands for more than $100 billion in investments to rebuild the South American nation’s dilapidated oil infrastructure.

Exxon Mobil CEO Darren Woods and Chevron CEO Mike Wirth said during fourth-quarter earnings calls that they are taking a wait-and-see approach while legal and political reforms unfold to make Venezuela more attractive to foreign investment.

The cautious stance comes two weeks after Woods infamously drew Trump’s ire by telling the president that Venezuela is currently “uninvestable” until major reforms are enacted and the country achieves real stability — comments Trump later called “too cute.”

Exxon CEO Demands Democratic Transition

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Woods reiterated Friday that Venezuela needs to transition to representative government before his company will consider major investments in the oil-rich but economically devastated nation.

“Frankly, from our perspective, there’s a principle that we stand on that if you don’t uphold the sanctity of the contracts, if you choose to instead to steal the investments that we made and undermine the work that we’ve been doing, that we can’t continue to work with you,” Woods told CNBC.

Exxon had its oil assets expropriated in Venezuela less than 20 years ago under former President Hugo Chavez‘s nationalization program. The company is still seeking to recover almost $2 billion from that seizure, according to Reuters.

“You can imagine to re-enter a third time would require some pretty significant changes from what we’ve historically seen here and what is currently the state,” Woods said during the January 9 White House meeting with Trump.

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The Exxon chief said Friday he believes the Trump administration is committed to making necessary changes to eventually turn Venezuela into a viable investment option, but emphasized the timeline remains uncertain.

“Venezuela has those challenges that I mentioned, which I believe in time will get addressed,” Woods said on the earnings call. “We think we bring an advantaged approach that will lead to lower-cost production, higher recovery, and therefore, more economic barrels onto the marketplace.”

Chevron Watching “Number Of Signposts”

Wirth said Chevron is reviewing Venezuela’s new hydrocarbons law that was tentatively approved by the National Assembly on January 29 and monitoring several key indicators before committing to major capital expenditures.

“Like anywhere we invest, fiscal terms, stability, regulatory predictability are important,” Wirth said. “So it will have to compete in our portfolio versus attractive investments in many other parts of the world.”

“With the right changes, we certainly could see our operations and the footprint expand in Venezuela,” he added. “And we’re working with the U.S. government and the Venezuelan government to try to create circumstances that would enable that.”

Chevron is the only major U.S. oil company currently operating in Venezuela under a special Treasury Department license. The company maintained operations throughout decades of upheaval while competitors like Exxon and ConocoPhillips left after asset seizures.

Chevron Vice Chair Mark Nelson told Trump at the White House meeting that the company could increase Venezuelan production “by about 50% just in the next 18 to 24 months, and that’s just leveraging what’s on the ground.”

However, Wirth made clear Friday that such modest increases with existing infrastructure differ significantly from the massive new capital investments Trump envisions.

Low Oil Prices Compound Investment Challenges

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