Escalation: Trump convenes Chevron and ExxonMobil executives

President Trump gathered leaders from Chevron, ExxonMobil, ConocoPhillips and more than a dozen oil firms in the White House East Room, joined by Vice President JD Vance, Secretary of State Marco Rubio and Energy Secretary Chris Wright. He pressed for at least $100 billion in investment to rebuild Venezuela’s oil industry and said the U.S. would immediately start refining and selling up to 50 million barrels of Venezuelan crude on an ongoing basis. He said proceeds would go to both the U.S. and Venezuela and told the companies they would deal with Washington rather than Caracas.

Trump said his administration would decide which companies get in and promised “total safety, total security,” including the option for firms to bring their own protection. “If you don't want to go in, just let me know, because I got 25 people that aren't here today that are willing to take your place,” he said. Executives showed caution; ExxonMobil’s Darren Woods said “today it’s uninvestable,” and Chevron is the only U.S. company still operating there.

AI-synthesized from multiple reported sources