ExxonMobil exited Venezuela in 2007 after state authorities seized its upstream assets, and it is now owed approximately $1 billion by the Venezuelan government. The company has pursued arbitration in international courts to recover these losses, securing favorable rulings but only seeing partial payment. With U.S. sanctions policy shifting under President Trump’s national security executive order—which blocks new court claims on Venezuelan oil funds—ExxonMobil’s ability to collect may hinge on future U.S.–Venezuela diplomatic developments and any restructuring of Venezuela’s debt obligations.

While Venezuela remains off-limits, ExxonMobil has rapidly expanded offshore exploration in Guyana, where its Liza Phase 1 project began production in late 2019. To date, ExxonMobil and its partners have sanctioned three development phases, with combined peak output expected to exceed 750,000 barrels per day by 2027. Proven recoverable resources in the Stabroek Block now exceed 10 billion barrels of oil equivalent, positioning ExxonMobil to offset Latin American supply disruptions and support its global upstream growth targets.

In a White House meeting, CEO Darren Woods described Venezuela as “uninvestable” under current legal and commercial frameworks, citing weak investment protections and hydrocarbon laws lacking clarity. He indicated ExxonMobil would deploy a technical assessment team to evaluate on-the-ground conditions only after substantial legal reforms. Meanwhile, the company reaffirmed its commitment to a disciplined capital program, targeting upstream cash flow of $28–32 billion in 2026 and projecting annual free cash flow conversion above 25%, relying on low‐breakeven assets such as Guyana to deliver shareholder returns.