Shares in Exxon Mobil (NYSE:XOM) edged lower after U.S. President Donald Trump suggested the oil giant could be excluded from Venezuela’s energy sector, criticizing its stance on a potential return to the country.
“I didn’t like Exxon’s response. You know we have so many that want it. I’d probably be inclined to keep Exxon out,” Trump told reporters aboard Air Force One on Sunday. “They’re playing too cute,” he added.
The remarks came after Exxon chief executive Darren Woods said during a White House meeting that Venezuela is currently “uninvestable.”
Woods argued that any re-entry would require substantial improvements to commercial terms, the legal framework and hydrocarbon legislation, as well as what he described as durable safeguards for foreign investors.
“We’re confident that with this administration and President Trump working hand-in-hand with the Venezuelan government that those changes can be put in place,” Woods said, adding that Exxon would be willing to dispatch a technical team to evaluate the condition of the country’s oil assets and infrastructure.
Exxon previously pulled out of Venezuela after the government seized assets belonging to Exxon and ConocoPhillips in 2007.
In response to Trump’s comments, Exxon shares were down around 1.1% in premarket trading on Monday.