ConocoPhillips Chairman and CEO Ryan Lance was one of more than a dozen oil industry leaders invited to Friday’s White House press conference, where President Trump pledged U.S. protection for oil investments in Venezuela. Lance’s participation underscores ConocoPhillips’ high stakes in the country; the company is the largest non-sovereign creditor to Venezuela, with roughly $12 billion in outstanding claims. During the event, Trump assured that ConocoPhillips would be made whole on those claims and emphasized that investment capital must come from the companies themselves, not federal funds.

ConocoPhillips’ $12 billion claim against Venezuela has lingered since the mid-2000s expropriations under Hugo Chávez. At the roundtable, Lance welcomed President Trump’s comment that past losses would not factor into future negotiations—“we’re going to start with an even plate”—and expressed cautious optimism that the White House and any interim Venezuelan government would create a legal framework conducive to rapid reinvestment. The CEO indicated that, once clarity on debt repayment and contract terms is established, ConocoPhillips stands ready to move quickly to restore and expand its former operations.

Reentering Venezuela could significantly bolster ConocoPhillips’ global upstream portfolio. Analysts estimate that Venezuela’s recoverable heavy-oil reserves exceed 300 billion barrels—more than any other country—and that restarting production could add several hundred thousand barrels per day within 12 to 18 months. For ConocoPhillips, which has focused recent growth on shale and LNG, a successful Venezuelan campaign would diversify its resource base and strengthen its credit profile. Investors will be watching closely for concrete legal guarantees and security arrangements before committing capital to the region.