Exxon CEO known for bluntness and disciplined ‘Exxon way’ defied Trump on Venezuela

Posted on by
  • In today’s CEO Daily: ​​ energy editor Jordan Blum details how Exxon became viewed as “too cute” by the president.
  • The big story: The repercussions from the criminal investigation into the Federal Reserve.
  • The markets: Global markets showed mixed results, as South Korea’s KOSPI index extended its record-breaking rally.
  • Plus: All the latest news and office chatter from .

Good morning. President Donald Trump’s second term, characterized by tariff wars and threats to specific companies, has seen numerous CEOs from Big Tech and other sectors make visits to offer tributes to the President and deliver public commendations.

Executives from major oil companies had their opportunity on Friday, summoned to the White House to talk about potentially investing billions to rebuild Venezuela’s crumbling oil sector. However, ExxonMobil CEO Darren Woods tactfully dismissed Trump’s desired swift action.

An evidently irritated Trump on Sunday criticized the company, stating he is leaning toward excluding the world’s largest oil major from Venezuela.

Woods, a career Exxon employee who took over as CEO from Rex Tillerson in 2017 when Tillerson joined the Trump administration, is a soft-spoken yet direct leader who has become a de facto spokesperson for the oil industry.

Woods adheres to the renowned, methodical “Exxon way.” He remains polite yet frank. He will state clearly that Exxon will not invest in renewable energy—focusing on fossil fuels, not electricity—and that the company is not responsible for climate change.

Furthermore, he will not placate the president at the expense of Exxon’s shareholders—a persistent dilemma for corporate chiefs. Analysts noted that Exxon’s stock price would probably have dropped if the company had pledged excessive funds to Venezuela in its present, unprofitable condition. Despite Trump’s remarks, Exxon’s share price declined a mere 0.5% on Monday, preserving a market valuation of approximately $529 billion.

“There was nobody to say anything, except Darren, and he’s eloquent as heck,” said Jim Wicklund, a longtime oil analyst and managing director at the PPHB energy investment firm.

Often, these situations are determined by who holds the upper hand.

“This is Trump’s problem. There’s no urgency by the industry at all to go back into Venezuela. And there’s almost no inducement other than guaranteeing profitability, which they can’t do,” Wicklund said. “You can sweeten the terms, but the political risk outweighs that variable by a factor of 10.”—Jordan Blum

Contact CEO Daily via Diane Brady at