1 month ago
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As other oil executives lavished President Trump with praise at the White House, Exxon Mobil CEO Darren Woods bluntly said the Venezuelan oil industry is currently “univestable,” and that major reforms are required before even considering committing the many billions of dollars required to revitalize the country’s dilapidated crude business.
Two days later, a miffed Trump told reporters Jan. 11 that he would “probably be inclined to keep Exxon out” of Venezuela. “I didn’t like their response. They’re playing too cute,” Trump said.
Woods, an Exxon lifer who succeeded Rex Tillerson as CEO in 2017 when his boss went to work for Trump, is a reserved but strong-spoken chief who has emerged as an unofficial industry spokesman as the leader of the world’s largest Big Oil giant.
But he’s inadvertently crossed swards with the president who wants U.S. Big Oil players to invest more than $100 billion in the Venezuelan oil sector—and to do it quickly.
“There was nobody to say anything, except Darren, and he’s eloquent as heck,” said Jim Wicklund, veteran oil analyst and managing director for PPHB energy investment firm, noting that Exxon stock most likely would have fallen...
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