Trump to Meet Energy Executives, Outline Plan for Venezuela

Article content(Bloomberg) — President Donald Trump is set to outline his vision for rebuilding Venezuela’s battered oil sector Friday in a meeting with representatives from 17 energy companies, including crude producers, refiners and commodity traders.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentIndustry executives slated to attend the Friday afternoon meeting include not just major US oil companies — Chevron Corp.

Exxon Mobil Corp. and ConocoPhillips — but also smaller independent producers, including Continental Resources Inc. and Hilcorp Energy Co., said a White House official. Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentOilfield service firm Halliburton Co., refiners Valero Energy Corp. and Marathon Petroleum Corp., and traders Trafigura Group and Vitol Americas also are invited to attend, along with Shell Plc, Spain’s Repsol SA and Italy’s Eni SpA, the official said. Other companies that have confirmed attendance, according to the official, include HKN Inc. Tallgrass Energy, Raisa Energy and Aspect Holdings.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentTrump is counting on oil companies operating in the US to help transform Venezuela’s oil sector and boost its production. Although the nation sits atop the world’s largest proved crude reserves, its output has dwindled to less than 1 million barrels per day after decades of disrepair and the exodus of most foreign operators — far from its 1970s peak closer to 4 million barrels daily. Article content“Following the announcement of President Trump’s historic energy deal with Venezuela, American oil companies will come to the White House to discuss investment opportunities that will restore Venezuelan oil infrastructure,” said White House spokeswoman Taylor Rogers. “The American people, energy companies, and the Venezuelan people will all greatly benefit from these new, unprecedented investments in Venezuela’s oil infrastructure thanks to President Trump.” Article contentArticle contentTrump earlier Friday said in a post on social media that “At least 100 Billion Dollars will be invested by BIG OIL, all of whom I will be meeting with today at The White House.”Article contentEnergy Secretary Chris Wright, who was himself a former oil company executive running Liberty Energy, and who is taking a lead role executing some of Trump’s plans for selling Venezuelan oil and redeveloping its industry, will be part of the session, along with Secretary of State Marco Rubio and Interior Secretary Doug Burgum. Article contentWhile energy executives are keen to express support for Trump’s goal of rebuilding Venezuela’s oil sector and its economy while benefitting the American people, they’re wary of heavily investing without guarantees of physical and financial security amid concerns about the stability of the country in the wake of former President Nicolás Maduro’s apprehension by US troops. Article contentAlready, however, markets are already being affected by the administration’s plans to start selling Venezuelan crude that’s built up in storage amid a US naval blockade.Article contentTrump has enjoyed strong support from the oil industry, which helped bankroll his reelection campaign. Some of his supporters, include Hilcorp’s Jeff Hildebrand and Continental co-founder Harold Hamm.Article contentOil executives were part of a closed-door energy roundtable at Trump’s Mar-a-Lago club in Florida in April 2024, when the then-presidential candidate scoffed at wind power, said he’d undo some environmental regulations and asked the group to raise $1 billion, according to people familiar with the exchange.Article contentTrending A love letter to those who don’t believe in RRSPs Personal Finance Jennifer’s CPP, OAS and pension may not be enough income. Will RRSP, TFSA and other assets allow her to retire? Retirement Why HELOCs make a heck of a lot of sense in 2026 Mortgages Trump once again puts critical Canadian industry in crosshairs Oil & Gas 'It’s a big market for us': As Carney heads to China, trade diversification gets complicated News Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. A love letter to those who don’t believe in RRSPs Personal Finance Jennifer’s CPP, OAS and pension may not be enough income. Will RRSP, TFSA and other assets allow her to retire? Retirement Why HELOCs make a heck of a lot of sense in 2026 Mortgages Trump once again puts critical Canadian industry in crosshairs Oil & Gas 'It’s a big market for us': As Carney heads to China, trade diversification gets complicated News