U.S. Oil Leaders Express Reluctance on Venezuela Investment
Despite President Donald Trump’s push to involve American energy companies in Venezuela following the U.S. capture of the country’s president, Oklahoma oil executives and major U.S. producers signaled deep skepticism about returning to the South American nation.
Oklahoma City oilman Harold Hamm, founder of Continental Resources, stopped short of committing to new drilling activity during a Friday White House meeting with oil executives, according to reporting by the New York Times. Hamm was not alone in his caution.
Harold Hamm Stops Short of Commitment
When pressed directly by President Trump, Hamm offered a measured response that reflected interest in Venezuela’s vast oil potential — but also concern about its history.
“It excites me as an explorationist,” Hamm said, according to the Times. “Everybody has that in their blood.”
However, Hamm added that Venezuela has “its challenges,” a phrase widely interpreted as referencing the country’s history of nationalization, political instability, and asset seizures.
Exxon, ConocoPhillips Cite History of Seized Assets
Executives from some of the nation’s largest oil companies echoed Hamm’s hesitation. ExxonMobil CEO Darren Woods was blunt in his assessment, calling Venezuela “uninvestable.”
“We’ve had our assets seized there twice, and so you can imagine to re-enter a third time would require some pretty significant changes,” Woods said during the meeting, according to the New York Times. White House Chief of Staff Susie Wiles was seated next to him during the exchange.
ConocoPhillips CEO Ryan Lance also raised concerns, pointing to his company’s long-running dispute with Venezuela over assets that were seized years ago. ConocoPhillips is pursuing approximately $12 billion in claims tied to those nationalizations.
Trump Brushes Aside Past Losses
President Trump reportedly dismissed concerns about past losses, suggesting companies should not let history deter them from future opportunities.
“We’re not going to look at what people lost in the past,” Trump said, joking that companies might write those losses off on their taxes.
“It’s already been written off,” Lance replied tersely, according to the Times.
Trump Issues Warning on Future Access
Following remarks by Chevron Vice Chairman Mark Nelson, Trump delivered what the Times described as a pointed message to the industry.
“If we make a deal, you will be there a long time,” Trump said, without naming specific companies. “If we don’t make a deal, you won’t be there at all.”
The exchange underscored the growing tension between Washington’s geopolitical ambitions and the oil industry’s insistence on investment stability, legal protections, and rule of law — issues that remain unresolved in Venezuela.
SOURCE: New York Times
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