During a White House gathering on January 9, 2026, ExxonMobil CEO Darren Woods characterized Venezuela’s current legal and commercial environment as “uninvestable.” Woods highlighted deficiencies in the country’s hydrocarbon laws and lack of durable investment protections. He emphasized that, under the existing framework, ExxonMobil would be unable to commit capital without sweeping legal reforms and clear mechanisms for repatriating profits.

Despite his concerns, Woods stated that ExxonMobil is “confident” U.S. oil companies can help catalyze required changes. He announced plans to dispatch a specialized team of engineers and geoscientists to Caracas within the next quarter. This group will evaluate stranded assets and gauge the condition of upstream facilities, with an eye toward quantifying potential restoration costs and identifying immediate workover opportunities.

In parallel remarks, Woods acknowledged that ExxonMobil remains prepared to reenter Venezuela if the country enacts legal guarantees. He noted that U.S. executive assurances — including potential reimbursement for infrastructure investments under a forthcoming national security order — could form the basis for a viable operating environment. Woods refrained from committing specific investment figures but indicated that ExxonMobil would review any formal offers once Caracas publishes revised hydrocarbon statutes.