The White House summit on Venezuela just redrew the energy map for 2026.
In a historic meeting with President Trump following the removal of Nicolas Maduro, the CEOs of ExxonMobil and Chevron laid out starkly different roadmaps for Venezuelan oil recovery.
🚀 CHEVRON: The “First Mover” As the only US major currently operating in the country, Chevron is moving aggressively to fill the void.
- Immediate Action: Vice Chairman Mark Nelson stated the company is ready to increase liftings at its PDVSA joint ventures by 100% immediately.
- Growth Plan: Targeted a 50% increase in production within the next 18-24 months via “disciplined investment.”
🛡️ EXXONMOBIL & CONOCO: The “Hard Bargain” Having had assets nationalized nearly 20 years ago (and owed ~$13 billion collectively), the exiled giants are cautious.
- Darren Woods (Exxon): Bluntly termed Venezuela currently “uninvestable.” He emphasized that re-entering a third time requires rewriting the country’s hydrocarbon laws and implementing “durable investment protections.”
- Ryan Lance (ConocoPhillips): Called for the involvement of US institutions like the Export-Import Bank to de-risk infrastructure financing, noting that PDVSA requires fundamental restructuring.
🏛️ THE TRUMP FACTOR: President Trump encouraged the majors to view this as a fresh start (“even plate”), telling Conoco’s CEO: “You’ll get a lot of your money back.”
💡 ANALYST TAKEAWAY: We are seeing a bifurcation in strategy. Chevron is playing the operational game, using its boots on the ground to secure immediate cash flow. Exxon is playing the legislative game, using its capital as leverage to force constitutional reform in Caracas. If Exxon gets the protections it demands, it paves the way for a total modernization of the Orinoco Belt—but until then, this is Chevron’s market to lose.
👇 Energy Pros: Will Exxon actually return to Venezuela, or is the “Uninvestable” label a polite way of saying “pay us our $13B first”?