US President Donald Trump said he might block Exxon Mobil from investing in Venezuela after its CEO told him the country was currently unsuitable for investment during a previous White House meeting with at least 17 oil executives. Trump said he was unhappy with Exxon’s response and was inclined to keep the company out of Venezuela because of its cautious comments.

Exxon’s CEO Darren Woods explained to Trump that Venezuela would need durable investment protections and changes to its laws before it could attract investment, noting the country lacked adequate legal and commercial frameworks. Woods said that restoring investment there would require significant reforms. 

The three largest US oil producers, Exxon, ConocoPhillips and Chevron, had long been Venezuela’s main partners before the industry was nationalized between 2004 and 2007. ConocoPhillips and Exxon later left the country and pursued arbitration claims. Venezuela now owes over $13 billion to ConocoPhillips and Exxon from past expropriations. 

ConocoPhillips’s CEO Ryan Lance told Trump his company was the largest non-sovereign creditor in Venezuela and called for a restructuring of the debt and broader energy system reforms. Trump said ConocoPhillips would recover much of its money but that the US would begin with a clean slate. 

Trump also said his administration would decide which firms could operate in Venezuela and emphasized that companies should deal directly with the US rather than Venezuelan authorities. He signed an executive order to prevent courts or creditors from seizing Venezuelan oil revenues held in US Treasury accounts.