According to a CNBC report, President Trump told reporters aboard Air Force One that he did not like Exxon’s response.
- President Trump was referring to Exxon CEO Darren Wood’s comments at the White House.
- Woods and other oil industry CEOs were invited to the White House on Friday to discuss potential investments in Venezuela’s oil industry.
- Ahead of the meeting, President Trump stated that Big Oil companies in the U.S. will invest at least $100 billion to rebuild and modernize the oil infrastructure in Venezuela.
Shares of Exxon Mobil Corp. (XOM) declined nearly 1% in Monday’s pre-market trade after U.S. President Donald Trump on Sunday reportedly threatened to sideline the company in Venezuela.
According to a CNBC report, President Trump told reporters aboard Air Force One that he did not like Exxon’s response.
“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. They’re playing too cute,” he said.
Exxon CEO’s Comments
President Trump was referring to Exxon CEO Darren Wood’s comments at the White House.
Woods and other oil industry CEOs were invited to the White House on Friday to discuss potential investments in Venezuela’s oil industry. Ahead of the meeting, President Trump stated that Big Oil companies in the United States will invest at least $100 billion to rebuild and modernize the oil infrastructure in Venezuela.
“We think it’s absolutely critical in the short term that we get a technical team in place to assess the current state of the industry and the assets to understand what would be involved to help the people of Venezuela get production back on the market,” Woods said.
He added that, with adequate security guarantees, his company is ready to deploy a team to Venezuela to assess what is needed to get the country’s oil production back on track.
Retail Sentiment Sours
Retail sentiment on Stocktwits around Exxon Mobil soured on the platform over the past 24 hours, declining to the ‘neutral’ territory from ‘bullish’ a day ago.
One user on the platform stated that the company will get a “big slap” on the wrist on Monday.
Another user called out the Exxon CEO, adding that he just had to “keep quiet.”
Meanwhile, U.S. equities declined in Monday’s pre-market trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was down by 0.67%, the Invesco QQQ Trust ETF (QQQ) fell 0.89%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) declined 0.7%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘neutral’ territory.
XOM stock is up 4% year-to-date and 17% over the past 12 months.
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