Exxon Shares Drop After Trump Says He May Keep Them Out Of Venezuela After CEO's 'Uninvestable' Remarks

How Has The Market Reacted?

In premarket trading early on Monday, Exxon Mobil's shares fell 1.03% to $123.33. The company's share price had risen by 1.38% on Friday following the White House meeting. While Exxon's down in the premarket, shares of rivals ConocoPhillips and Chevron rose 0.50% and 0.83%, respectively.

What Did The Exxon Ceo Say At The White House Meeting?

During a gathering of top oil industry executives at the White House on Friday, Woods said: "We have a very long history in Venezuela…We've had our assets seized there twice. You can imagine to re‑enter a third time would require some pretty significant changes from what we've historically seen here and what is currently the state." He added, "If we look at the legal and commercial constructs and frameworks in place today in Venezuela, today it's uninvestable. And so significant changes have to be made to those commercial frameworks, the legal system, there has to be durable investment protections, and there has to be a change to the hydrocarbon laws in the country." Woods, however, added that Exxon was confident that the Trump administration "working hand in hand with the Venezuelan government" will be able to get those changes put in place.