XOM · News · 20261031N

Venezuela Re-entry Considerations

ExxonMobil Holdings Corp · 2026-10-31 · Importance 17 · Surprise 24

ExxonMobil CEO Darren Woods said the company is cautious about entering Venezuela and that substantial reforms are needed before it decides on a major investment. He characterized reports of an imminent memorandum of understanding as premature and said they should be taken with a “little pinch of salt.” Woods said ExxonMobil could ultimately have a role in the country, but did not provide a timeframe or investment amount.

Key facts

• Woods said he believes ExxonMobil will ultimately have a role in Venezuela, in due time. source
• ExxonMobil CEO Darren Woods urged caution on a major entry into Venezuela, saying many reforms were still required before a decision. source
• According to reports cited in the article, Exxon was close to signing a memorandum of understanding to explore investing in Venezuelan oilfields; Woods cautioned against over-exuberance and said to take the reports with a "little pinch of salt." source