Exxon Mobil Chief Executive Darren Woods expressed optimism on Friday regarding Venezuela's investment prospects, a notable shift from his comments months earlier to President Trump that the South American country's oil sector was "uninvestable."

During a conference call with investors, Woods described Venezuela as a "huge resource" that is now "more open to the world." He highlighted Exxon Mobil's extensive history in heavy oil production, which constitutes the primary component of Venezuela's reserves, positioning the company uniquely to play a significant role in bringing Venezuelan crude to market.

In January, following the U.S. apprehension of former leader Maduro and the installation of an interim government, Venezuela amended its energy regulations and contract terms to attract foreign companies back. Exxon Mobil has since dispatched a technical team to assess the country's oil resources and infrastructure.

Woods's positive remarks contrast sharply with his position in January, when he informed Trump at a White House meeting that Venezuela was "uninvestable today" and required "pretty significant changes" for the company to consider returning. Exxon Mobil's assets were nationalized twice in Venezuela, first in the 1970s and again in 2007 under President Chavez.

Woods noted that recent reforms by Venezuela's leadership could create "attractive investment opportunities," but emphasized that "more work needs to be done."

Exxon Mobil's competitor Chevron is currently the largest foreign oil producer in Venezuela, outputting approximately 250,000 barrels of crude per day. Chevron CEO Mike Wirth stated on Friday that Venezuela owes Chevron around $1.5 billion, a debt expected to be repaid by 2027 as oil prices rise.