Exxon expresses optimism on Venezuela, Chevron signals caution

Published: 2026-05-06 13:05:09 ET XOM

Published on 05/06/2026 at 01:05 pm EDT

Exxon Mobil Corp. has expressed a more upbeat view on Venezuela, with CEO Darren Woods highlighting potential opportunities as the country’s energy sector begins to reopen to global investment, El Periódico de la Energía reported.

Speaking during an earnings call, Woods described Venezuela as “an immense resource that is now opening up more freely to the world,” pointing to what he sees as a more favourable environment for future projects. He also noted growing coordination between the Trump administration, Venezuelan authorities and industry players to “shape the context of opportunity” in a way that could attract capital.

Woods said Exxon is well positioned to handle Venezuela’s heavy crude, citing what he described as its technological capabilities to process such oil more efficiently. “I feel optimistic about what’s happening, about the opportunity there. There’s a lot of work to be done… but I think we’re going to play an important role in bringing those barrels to market,” he added.

The comments follow a recent move by the company to send a team to Venezuela to assess the possibility of restarting production, signalling a potential return after its 2007 exit, when foreign operators withdrew following the nationalisation of oil assets under Hugo Chávez.

The renewed interest comes as US authorities have encouraged energy companies to invest in Venezuela after recent political developments. Even so, executives across the sector have remained cautious about committing fresh capital to the country.

A different tone was struck by Chevron CEO Mike Wirth in his company’s earnings call.

Chevron Corp. is holding back on additional investment in Venezuela, saying it needs clearer signs of progress before committing more capital to the country, El Periódico de la Energía reported.

Wirth said that while there have been “positive development indicators”, uncertainties remain around fiscal conditions and dispute resolution mechanisms.

Speaking during an earnings call, Wirth noted that the company is continuing to reinvest cash flow from its Venezuelan operations to sustain them, but he stopped short of referring to any new capital commitments. “We need to see more progress before we put more capital to work,” he said.

Chevron remains the only US oil major that stayed in Venezuela after other companies exited in 2007 when the government required majority stakes in Orinoco Belt projects. The group has maintained its joint ventures with state oil company PDVSA since then.

In mid-April, Chevron signed an asset swap with the Venezuelan government, enabling it to increase its presence in key oil-producing regions.

Venezuela’s oil output has shown signs of recovery, exceeding 1mn barrels a day in March, with nearly a quarter linked to Chevron’s joint ventures with PDVSA. Even so, the company’s position highlights lingering concerns over the investment climate.