Chevron speeds ahead in Venezuela while Exxon urges caution with a ‘little pinch of salt’

While Chevron is investing $7 billion in Venezuela to double its oil output within five years, ExxonMobil CEO Darren Woods again urged “caution” and said a lot of reforms are still required before any major entry into the country is decided.

Following reports a month ago that Exxon was close to inking a memorandum of understanding to explore investing in Venezuela oilfields, Woods warned against over “exuberance” and said to take such reports with a “little pinch of salt.” But he said he does believe Exxon “ultimately will have a role” in due time.

Back in January, Woods infamously said at the White House that Venezuela was “uninvestible” and—even though he was speaking about that moment in time—it publicly rubbed President Donald Trump the wrong way. “I didn’t like their response. They’re playing too cute,” Trump later said of Exxon, following the U.S. military ouster of former Venezuelan leader Nicolás Maduro.

Speaking during Exxon’s third-quarter earnings call on Friday, Woods said his rhetoric hasn’t changed since January. After all, Exxon has seen its assets nationalized twice in Venezuela, most recently in 2007. Chevron, on the other hand, worked out a deal with the Maduro regime and never left the country, still operating as the top private producer in the country.

“It’s going to require some substantial changes to the way things have historically been done........

© Fortune