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Exxon surprised by Trump's remarks on Sunday

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Exxon, ConocoPhillips ( COP ) face long-term re-entry challenges

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Chevron ( CVX ) is the only US major operating in Venezuela

By Sheila Dang

HOUSTON, Jan 12 (Reuters) - Exxon Mobil ( XOM ) remains

interested in visiting Venezuela and is prepared to send an

assessment team there, a source familiar with the company's

strategy told Reuters on Monday, a day ‌after U.S. President

Donald Trump said he might keep the oil company out of the

country.

During a White House meeting on Friday alongside other top oil

executives, ​Exxon CEO Darren Woods said Venezuela needed to make

legal changes and protect investments before Exxon would commit

to operating ‍in the country.

Days later, Trump told reporters on Air Force One that he

"didn't ⁠like Exxon's response," adding that ⁠he was inclined to

keep the oil major out.

Exxon executives were surprised by the events, the source

said, because Woods also told Trump he believed ‌the

administration could help solve Venezuela's problems.

Woods said Exxon could send ​a technical team to the country

within weeks to begin evaluating oil infrastructure and other

assets.

Exxon Mobil ( XOM ) did not immediately respond to a request for

comment.

The White House meeting took place less ⁠than a week after

American forces captured and removed Venezuelan ‍President

Nicolas Maduro in ​an overnight raid. Trump has urged American

energy firms to invest $100 billion to rebuild Venezuela's oil

industry.

Exxon, ConocoPhillips ( COP ) and Chevron ( CVX ) were key

partners of Venezuela's state oil company, PDVSA, before former

President Hugo Chavez nationalized the ‍industry between 2004 and

2007.

Chevron ( CVX ) negotiated a deal and remained in the country, but

ConocoPhillips ( COP ) and Exxon left and are now owed more than $13

billion collectively after lengthy arbitration cases.

THE CHALLENGES AHEAD

Exxon and ConocoPhillips ( COP ) face long-term concerns that

impact a decision about whether to re-enter Venezuela,

which remain unchanged even after they met with Trump last week,

three industry experts told Reuters.

Chevron ( CVX ) is the only American oil major currently operating in

Venezuela and it emerged from the meeting in ​a stronger ‍position

because it has room to invest in its existing operations to

increase production, said one of the sources, a former oil

executive.

"Exxon is not going to break a sweat if they're not the first ​in

the queue to get in," one energy analyst said, declining to

speak publicly about a client, adding that Trump's comments

would not necessarily influence the long-term plans of any of

the companies, given that big energy projects take several years

to build and many more to provide a return on the investment.

On Monday, American Petroleum Institute President Mike Sommers

said before the oil industry moves into Venezuela, it would need

to have greater workforce security and policy reforms, including

measures covering contract sanctity.

Debts from previous asset expropriations will be ​a "significant

hurdle for many companies that may be concerned about investing

in this resource," Sommers said during a briefing.

Still, he said energy assets in the country were large

enough to attract significant interest and he believes the Trump

administration understands industry concerns.

"The asset base in Venezuela is huge and ‍the potential for

investment is very significant," Sommers said.