U.S. energy executives to meet Trump after his call for investment in Venezuela

President Trump will meet on Friday with executives from major U.S. energy companies after he said they would “spend billions of dollars” and “take back the oil” in Venezuela, remarks that executives said left them unprepared to commit to large-scale investments. Administration officials have since rushed to gauge companies’ appetite for expanding Venezuelan production.

Executives face a choice between appeasing the president and avoiding expensive, decades-long commitments that could expose them to legal and political risk, according to people familiar with their thinking. Some smaller operators are eager for a role, but oil giants including Exxon Mobil and ConocoPhillips have privately expressed reservations about committing the sums needed to meaningfully boost output, the report said.

Companies have discussed seeking financial guarantees from the federal government before proceeding, two people said, though an Energy Department spokesman said executives had not raised that prospect directly with Energy Secretary Chris Wright. Political uncertainty is a major obstacle: Venezuela has in the past seized assets, and Exxon and ConocoPhillips continue to pursue claims against Venezuela, while former Citgo chair Luisa Palacios said the moment makes it hard to assess risk.

Chevron remains an exception, having stayed in Venezuela and emerging as the country’s largest private producer; Chevron vice chairman Mark Nelson is expected to attend the meeting.

Key Topics

Business, Donald Trump, Venezuela, Exxon Mobil, Conocophillips, Chevron