This article was written by Shalu Saraf and reviewed by Gilan Miller-Gertz.
Exxon Mobil (XOM) stock is back in the spotlight after reports said the oil major remains interested in visiting Venezuela to assess oil assets, even after U.S. President Donald Trump warned he may keep the company out of the country.
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According to a Reuters report, Exxon is prepared to send a technical assessment team to Venezuela within weeks. The move shows the company is still weighing the opportunity, despite rising political tension around U.S. energy investment in the country.
Trump Pushes Back after Exxon CEO’s Comments
The latest development follows a White House meeting last week between Trump and senior oil executives. During the meeting, Exxon CEO Darren Woods said Venezuela would need legal changes and stronger protections for foreign investors before Exxon would consider operating there.
Days later, Trump told reporters aboard Air Force One that he “didn’t like Exxon’s response,” adding that he was inclined to keep the oil major out of Venezuela’s oil rebuild efforts. The remarks reportedly surprised Exxon executives, as Woods had also said he believed the administration could help resolve Venezuela’s long-standing issues.
Exxon Takes a Cautious Approach to Venezuela
Despite the public rebuke, Exxon has not shut the door on Venezuela. Woods said the company could send a technical team in the coming weeks to review oil infrastructure and assets. However, such a visit would be an early assessment step, not a decision to invest.
Exxon’s cautious stance comes from its past experience in the country. The company exited Venezuela after the government nationalized oil assets in the mid-2000s and is still owed billions of dollars from long-running arbitration cases.
Other U.S. oil companies share similar concerns. Industry experts said weak contract protections, worker safety risks, and unpaid debts remain major barriers for companies thinking about a return.
For now, Chevron (CVX) is the only major U.S. oil producer operating in Venezuela, putting it in a stronger position if conditions improve. Meanwhile, Exxon and ConocoPhillips (COP), appear willing to wait until Venezuela offers stronger legal protections and clearer rules for foreign investors.
What Is the Price Target for XOM Stock?
Turning to Wall Street, Exxon Mobil stock has a Moderate Buy consensus rating based on 12 Buys and seven Holds assigned in the last three months. At $132.17, the average XOM price target implies a 6.56% upside potential.
