Trump Says Exxon Will Return to Venezuela Amid Improved Deal Terms

ExxonMobil's CEO Darren Woods called Venezuela 'uninvestable' at a White House meeting, but that was before Chevron signed an enhanced agreement to expand its operations there.

Rival Chevron has been expanding in Venezuela and recently announced it will invest more than $7 billion over the next five years to double its production to around 600,000 barrels per day.

President Trump announced that 'Exxon is going in' to Venezuela, but ExxonMobil hasn't confirmed plans to reenter the country after exiting two decades ago.

The improved terms of Chevron's deal suggest that Venezuela may be willing to make concessions that Exxon has been seeking as a condition of its return.