Investing.com -- Exxon Mobil Corp. is evaluating potential investments in Venezuela following recent changes to the country's energy regulations and contract terms, Chief Executive Officer Darren Woods said Friday.

The shift in position comes months after Woods told President Donald Trump that Venezuela's oil sector was "uninvestable" during a White House meeting earlier this year. Trump responded by characterizing Exxon as "too cute."

"Venezuela is a huge resource that's now opened up more freely to the world," Woods said on a conference call with analysts Friday. "I feel positive about what's happening, the opportunity there."

Venezuela modified its energy regulations and contract terms to attract foreign companies after the Trump administration captured former leader Nicolas Maduro in January and took control of the country's crude exports.

Exxon has a history in Venezuela but had its operations nationalized twice, first in the 1970s and then under President Hugo Chavez in the mid-2000s. The company sent a team to Venezuela in recent weeks to assess the situation.

Woods said the regulatory changes could create "attractive investment opportunities" and highlighted Exxon's experience producing heavy oil, which makes up the bulk of Venezuela's reserves.

"More work to do but I think we'll be uniquely positioned and play an important role in bringing those barrels to market," Woods said.

Venezuela holds the world's largest oil reserves, and US Gulf Coast refineries prize its crude.

Chevron Corp., Venezuela's biggest foreign oil producer, currently produces about 250,000 barrels a day in the country. Venezuela owed Chevron about $1.5 billion as of the end of 2025, CEO Mike Wirth said Friday. Higher oil prices mean that debt should be fully paid off by 2027, at which point Chevron would consider additional investment.

"I think in any scenario, we remain the advantaged incumbent," Wirth said.