Exxon Mobil Venezuela needs a transition to democracy for investment in the South American country’s shabby oil industry to make sense, Chief Executive Darren Woods said on Friday.

president Donald Trump is forcing oil companies to at least invest Venezuela $100 billion The U.S. captured former President Nicolás Maduro on January 3 to rebuild the country’s oil industry.

But Woods told Trump at the White House on January 9 that Venezuela “Unable to invest” in its current state. Exxon Mobil CEO’s candid assessment angered the president He threatened to cut off the oil giant from any future investments in the country.

Woods stood by his assessment in an interview with CNBC on Friday. He said the Caracas government needs to make major reforms for ExxonMobil to seriously consider returning to Venezuela.

“Those priorities are first and foremost stabilizing the country,” Woods told CNBC. “Gaga box.” “The second is to jump-start the economy and try to undo some of the damage caused by decades of abuses by autocrats and then ultimately transition to representative government.”

The Trump administration has yet to lay out a clear plan for Venezuela to hold elections and transition to a democratic government. Senior government officials say their current focus is on stabilizing the country and improving the economy through oil sales.

The United States has been working with Venezuela’s acting President Delcy Rodriguez, a longtime insider of the authoritarian regime established by former President Hugo Chavez. The partnership with Rodriguez has raised concerns among some observers who fear the current regime could remain in place as long as the Trump administration’s demands for oil are met.

ExxonMobil exited Venezuela in 2007 and its assets were Captured by the Chavez regime. It has billions of dollars in pending claims against Caracas over nationalization.

“Frankly, from our perspective, we stand by the principle that if you don’t uphold the sanctity of the contract, if you choose to steal the investment that we’ve made and undermine the work that we’ve been doing, we can’t continue to work with you,” Woods said.

Trump told oil industry CEOs at a White House meeting that his administration does not intend to force Venezuela to fulfill the demands of its 2007 nationalization.

On January 9, Trump said: “We’re not going to focus on what people lost in the past, because that was their fault. It was a different president. You’re going to make a lot of money, but we’re not going back.”

Venezuela, a founding member of OPEC, is believed to have the world’s largest crude reserves, but its energy infrastructure is in disrepair.

Investments to repair Venezuela’s infrastructure may now face financial challenges as the world’s crude oil glut pushes down prices. Oil prices are set to post their biggest annual drop since 2020 in 2025 as OPEC+ ramps up production and the United States continues to pump oil vigorously.

Earlier on Friday, ExxonMobil reported Fourth quarter results That beat Wall Street expectations, but both profit and revenue fell from a year earlier due to weaker crude prices. Notably, ExxonMobil achieved its highest full-year net production in more than 40 years, reaching 4.7 million barrels per day. The company produced 4.98 million barrels per day in the quarter, with its assets in the Permian Basin and Guyana setting production records for the period.

Exxon Mobil Competitors ChevronIt is the only U.S. oil major to receive a special license from the U.S. Treasury Department to operate in Venezuela. Chevron says yes Venezuelan production increased by 50% Over the next 18 to 24 months.

ExxonMobil’s shares have started the year strong, although they fell more than 1% after the results. The stock is up nearly 16% in 2026, outpacing the S&P 500’s 1.6% gain.