Exxon Takes Long View on Venezuela, CEO Says

Summary

Exxon Mobil CEO Darren Woods discusses the company's long-term interest in Venezuela after a White House meeting with President Donald Trump. Woods says the oil industry is a depletion business with a product in strong demand for decades, and Venezuela offers abundant resources but requires development. He stresses that Exxon takes a multi-decade investment view and would need a win-win-win value proposition for the company, government, and local people.

• Exxon Mobil CEO Darren Woods says Venezuela is a key area of interest after a White House meeting.
• Woods describes oil as a product in great demand for many decades and the industry as a depletion business.
• He says Venezuela has abundant resources, with the main challenge being development rather than discovery.
• Woods says Exxon takes a long-term, multi-decade approach to country entries and investments.
• He says any opportunity must be a win for Exxon and shareholders, the government, and the people.
• No concrete Venezuela investment or deal was announced.
• Market implication: Exxon's potential Venezuela exposure remains a long-term watch item.