Historic White House Announcement: Trump, JD Vance & Rubio on Venezuela Oil | AC15

Well, it's a great honor with the biggest companies in the world

by far, I would say. And we're doing tremendous things. Our country is uh

tremendous things. Our country is uh doing very well. You saw the numbers that got released today, yesterday.

Deficits cut way, way, way back at levels that nobody's ever seen before, setting records. And uh the numbers

setting records. And uh the numbers coming into our country are unprecedented and we're doing really well. We had a situation three days ago

well. We had a situation three days ago with Venezuela and we're getting along extremely well with the people of Venezuela, both the

people and the people that are running Venezuela.

I just want to thank our military. What

they've done is incredible. that was

considered unprecedented to go into a military fort with thousands of soldiers and others and to come in with uh 152

planes going every which way and uh very rapid speeds and helicopters and to come out with no deaths and the loss of no equipment. It was pretty

amazing. Nobody's seen anything like it.

amazing. Nobody's seen anything like it.

I was called by the leaders of numerous countries. I won't go into which ones,

countries. I won't go into which ones, but the biggest and the strongest. And

they said that was very impressive.

They're all impressed.

But today, I'm delighted to welcome almost two dozen of the biggest and most respected oil and gas executives in the world to the White House. It's an honor

to be with them. We have many others that were not able to get in. I said if we had a ballroom, we'd have over a thousand people.

Everybody wanted I never knew your industry was that big. I never knew you had that many people in your industry.

But uh here we are. And if you in fact if you look come to think of it, well I got to look at this myself.

Wow.

What a what a view. This is the door to the ball.

unusual time to look, but I figured we might as well. If the fake news would like to go back and take a look, you can. But you'll see a very big

can. But you'll see a very big foundation that's moving. We're ahead of schedule in the ballroom and under budget. It's going to be I don't think

budget. It's going to be I don't think there'll be anything like it in the world. Actually, I think it's will be

world. Actually, I think it's will be the the best. We went from this is, as you know, our biggest room, which would seat a hundred for dinner, maybe if you're lucky, if you're nice and tight,

and the ballroom will seat many, and it'll also take care of the inauguration with bulletproof, glass, drone proof ceilings, and everything else unfortunately that today you need.

So, we're going to discuss how these great American companies can help rapidly rebuild Venezuela's dilapidated oil industry and bring millions of

barrels of oil production to benefit the United States, the people of Venezuela, and the entire world. And yesterday, the

number is 30 million barrels.

I can't even is that a correct number?

30 million barrels. Do you hear that, Peter?

uh of oil was given to us by Venezuela.

That's a lot of oil. It's about4 billion dollars worth and it's on our way to it's on its way to the United States right now and we want to thank Venezuela

for that and we're working very well with them obviously or they wouldn't have been so generous but they respect us again. They didn't respect us at all

us again. They didn't respect us at all before. So that's money that goes to the

before. So that's money that goes to the United States. Some will go to Venezuela

United States. Some will go to Venezuela and some will go to the oil companies, but not that because that's already been extracted. So when you're not getting

extracted. So when you're not getting any of that, but when you start extracting, you'll get what it's a tremendous reserves, among the biggest

in the world. Some people say it is the biggest in the world. And we're going to be working with Venezuela. We're going

to be making the decision as to which oil companies are going to go in that we're going to allow to go in. gonna cut

a deal with the companies. We'll

probably do that today or very shortly thereafter with Chris and Doug. And uh

we're dealing with the country. So,

we're we're empowered to make that deal.

And you'll have total safety, total security. One of the reasons you

security. One of the reasons you couldn't go in is you had no guarantees.

You had no security, but now you have total security. It's a whole different

total security. It's a whole different Venezuela. And Venezuela is going to be

Venezuela. And Venezuela is going to be uh very successful. and the people of the United States are going to be big beneficiaries because we're going to be extracting,

you know, numbers of in terms of oil like, you know, few people have ever seen actually.

So, uh, you're dealing with us directly.

You're not dealing with Venezuela at all. We don't want you to deal with

all. We don't want you to deal with Venezuela. Let me thank Vice President

Venezuela. Let me thank Vice President J. D. Vance, who's doing a fantastic

J. D. Vance, who's doing a fantastic job.

Secretary of State Marco Rubio, likewise, a fantastic job. I have good people.

I like them better than my first group.

But we had a great despite that, we had a great first term. We had some great people there, too, by the way. But we

had a great a great first term. We had

the greatest economy in the history of our country in the first term, but this is blowing it away. And you haven't seen anything yet. Everyone's been shocked by

anything yet. Everyone's been shocked by the numbers. 5.4%

the numbers. 5.4% GDP. And that's despite the fact that we

GDP. And that's despite the fact that we were badly hurt by the Democrat shutdown, of which they'd like to see if they could shut it down again.

Secretary of the Interior Doug Bergam, who's fantastic. Secretary of Energy

who's fantastic. Secretary of Energy Chris Wright, recommended by Doug as being the greatest oil man anywhere in the world. Because I wanted Doug for

the world. Because I wanted Doug for that job, energy, and Doug said, "No, sir. There's a man named Chris Wright."

sir. There's a man named Chris Wright."

I said, "Who the hell is Chris Wright?"

who said he's the most talented oil man anywhere in the world. I doubt you can get him because typically oil men make a lot of money and women. They make a lot

of money, but Chris came. You took one of the greatest salary cuts probably in history. Chris, but he's a fantastic

history. Chris, but he's a fantastic person. Loves our country and many other

person. Loves our country and many other important members of this team. And I

want to thank them for their efforts. As

you know, last week the United States armed forces performed one of the most spectacular military operations in American history, apprehending the

outlaw dictator Nicholas Maduro for his crimes against the United States, crimes for which he has now been indicted and

is in federal court awaiting trial.

And he killed many people, millions of people actually, and allowed jails, prisons, mental institutions, insane asylums,

drug dealers, drug addicts to pour into our country totally unchecked because of sleepy Joe Biden's policy of open borders. The stupidest thing I've ever

borders. The stupidest thing I've ever seen. We're getting them all out.

seen. We're getting them all out.

The departure of Maduro makes it possible an incredible future for both nations. Venezuela

nations. Venezuela and the United States in which we will more closely integrate the economies of two major energy powers in the Western

Hemisphere. Energy coming out of

Hemisphere. Energy coming out of Venezuela was very small. One of the things the United States gets out of this will be even lower energy prices.

We have people now getting uh gasoline for $1.99, $1.96, $1.95, $1.92 yesterday, somebody. And it used to be

yesterday, somebody. And it used to be three and a half, $4, $5 a gallon. Think

of that. A $1.99.

Decades ago, the United States built Venezuela's oil industry at tremendous expense with American skill, technology, knowhow, and dollars. But those assets

were stolen from us and we had presidents did nothing about it. This

president is much different than your other presidents. They did nothing about

other presidents. They did nothing about it. They stole it. Some of the people in

it. They stole it. Some of the people in this room were a little bit younger when that happened, but not that much younger. Wasn't that long ago. But they

younger. Wasn't that long ago. But they

stole our assets like we were babies.

And the United States did absolutely nothing about it. So now we're doing everything about it. Now we're doing 500% about it, but uh it's it's a long

time after the act took place. So they

stole from us and it was taken by socialists and communists at the time and Venezuela was going bad, really bad.

And as much oil as they have, they're producing almost nothing. Almost

nothing, which is just a system. So

we're really, if you look at it, we're taking back what was taken from us. They

took our oil industry. We built that entire oil industry. Started long time ago, but they took it and they uh they were very ungracious to this country.

But now they're being very nice.

American companies will have the opportunity to rebuild Venezuela's rotting energy infrastructure and eventually increase oil production to

levels never ever seen before. When you

add Venezuela and the United States together, we have 55% of the oil in the world. The United States is number one.

world. The United States is number one.

We have them drilling. Drill baby drill was my campaign. And Doug and Chris, uh, I think we're setting records on drilling right now and taking oil

without Venezuela. That's how we're

without Venezuela. That's how we're getting the oil prices down.

The plan is for them to spend, meaning our giant oil companies will be spending at least $100 billion of their money.

Not the government's money. They don't

need government money, but they need government protection and need government security. That when they spend all this money, it's going to be there. So, they get their money back and

there. So, they get their money back and make a very nice return. And the plan is for them to spend at least $100 billion to rebuild the capacity and the

infrastructure necessary.

Venezuela has also agreed that the United States will immediately begin refining and selling up to 50 million barrels of Venezuelan crude oil, which

will continue indefinitely. We're all

set to do it. We have the refining capacity. It was actually based very

capacity. It was actually based very much on the uh Venezuelan oil which is a heavy oil, very good oil, great oil.

It's fantastic for certain things like asphalt roads, best there is in the world for asphalt roads and other things. All of the companies here today

things. All of the companies here today are going to be treasured partners in bringing the nation of Venezuela back to life, restoring its economy, and

generating great wealth for their companies and for their people and also great wealth for the American people and tremendous wealth for the companies that

are going in, the companies that are going in. And if you don't want to go

going in. And 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.

So, I just want to thank uh these are people that I either know or I know of by reading lots of business magazines and journals and papers. These are the

greatest oil people anywhere in the world. Harold Ham, I see is here.

world. Harold Ham, I see is here.

Harold, you know, there's a story about Harold Ham that he can look at a piece of land, put a straw into the land, and oil pours out. Is that true about you?

Whereas some of you guys have to invest hundreds of millions of dollars to find that oil. So, we can't let that story be

that oil. So, we can't let that story be true. But they say Harold puts a straw

true. But they say Harold puts a straw into the land and oil comes gushing out.

So, you're not a big R&D person, are you? Huh? He's he's called he's called

you? Huh? He's he's called he's called Instinct for Oil. Now, he's got other problems, but we won't talk about those problems. But he's been a great supporter of mine for a long time, haven't you, Harold? So,

congratulations. But we have, and I think Harold would agree, we have the greatest oil men and women anywhere in the world sitting in this room right now. And we have a lot of people that

now. And we have a lot of people that will be back to see us uh sometime next week. We're going to have another

week. We're going to have another meeting for another group, but we're going to do this very quickly. We could

have this done almost immediately. So,

I'd like to thank you all for being here. I'd like to invite Vice President

here. I'd like to invite Vice President Vance to say a few words, followed by secretaries Rubio, Bergamman, Wright, and then we'll have a few words from

representatives that are here and to discuss their ideas, a couple of them.

Uh, we have Chevron, which has been Where's Chevron? Where are you?

Where's Chevron? Where are you?

>> Far right.

>> No, I thought you'd have a better location. You were the only one that was

location. You were the only one that was there for for all that. I used to call you and say, "Uh, what the hell is going on with Venezuela?" He stuck it out. I

don't know if you made money or not, but you stuck it out. They got to give you a lot of credit for that. Mark Nelson,

thank you very much. Exxon CEO Darren Woods. Darren, thank you very much.

Woods. Darren, thank you very much.

How's Exxon doing? Okay.

>> They'll do a lot better now, won't they?

Huh? Exxon's been amazing. It's been an amazing company. And Kico Phillips CEO

amazing company. And Kico Phillips CEO Ryan Lance, thank you very much. So you

guys could say something and then we'll take some questions from the press and uh if anybody else would like to speak, we'll have you speak. We have all the time in the world. This is a big

subject. This is massive wealth. And

subject. This is massive wealth. And

more importantly than massive wealth, it leads to lower taxes and a lot of jobs for Americans and for Venezuelans, but for Americans in this case. And I just

again appreciate you all being here. And

I'd like to ask JD to say a few words, please. Thank you.

please. Thank you.

>> Thank you, Mr. President, and thanks to everybody for being here. You know,

[clears throat] as a Marine Corps veteran for my entire lifetime, presidents, and let's be honest, they were Democrats and Republicans, would send the American military to faroff places. They would get us involved in

places. They would get us involved in these endless quagmires. They would lose hundreds or thousands of American lives.

And the American people would get nothing out of these misadventures. And

now you have an American president who's empowered the American military to stop the flow of drugs into our country and to ensure that we, as opposed to our adversaries, control one of the great

energy reserves that exist anywhere in the entire world. And he did it without losing a single American life in the process. It was an amazing operation.

process. It was an amazing operation.

It's going to make our country richer.

It's going to make our country more powerful. It's going to make our country

powerful. It's going to make our country safer. and it's going to lead to the

safer. and it's going to lead to the decline, the further decline of drug overdose deaths in the United States of America. An amazing thing and I'm happy

America. An amazing thing and I'm happy to be here to talk about how we can make it an even bigger and better operation for the American people. Thank you, sir.

>> Thank you very much, Marco.

>> Thank you, Mr. President. And I think this is a reminder that everything this president does, everything President Trump does is with the American people in mind. It was not in the national

in mind. It was not in the national interest or national security of the United States and of our people to have in our own hemisphere a country not just with vast energy reserves but controlled

by an indicted narot trafficker who flooded our country with illegal immigration including drug gang members flooded our openly cooperated with drug gangs and by the way opened up the stole

the wealth of that country to fund a repressive regime and also benefit adversaries such as Iran. All of that is now changing as part of this process. Uh

the first phase of course is the phase we're in now which is the stabilization phase. We did not want to see

phase. We did not want to see destabilization in the country. We're

working very cooperatively with the interim authorities there to provide a market for the sale of the wealth of Venezuela in such a way that benefits the people both of the United States but also the people of Venezuela. And as a

reminder to everyone, the president announced this just two days ago. Every

penny, everything they buy with the money that they're making from the oil now, Mr. president will be bought from America and that includes everything from equipment for the oil industry to food to medicine and everything in

between. The second it will be a phase

between. The second it will be a phase of recovery and then some of these phases will interlap and that is to have a normal economy again where the money goes to the benefit of people not the benefit of our adversaries or the

benefit of of of elements in that country and around the world that are against our interests. At the same time as a process of reconciliation has to happen internally among the different sectors of society and politics and the

like. And finally the third phase which

like. And finally the third phase which is the mo most important of the three is when the country fully transitions into a normal country that we have strong economic and diplomatic and relations with uh that that is friendly towards

the United States that's not a foothold for our adversaries that serves our interests but also the interests of the people. It'll be a country that is

people. It'll be a country that is wealthy, a country that is prosperous for the people, not for a handful of uh criminals, but also a country that is supportive of our interests in the region and throughout the world. And we

thank you, Mr. President, and the team you've assembled that have made brought us to this point. A lot of work remains, important work, but this is historic.

>> Okay. Thank you very much, Doug.

>> Well, Mr. President, I want to thank you for your leadership uh not just as president, but as commander-in-chief.

the uh the boldness, the execution, the breathtakingly uh precise work that you've delivered both in Iran back in June and here has changed the changed the field for the whole world. Uh and

you always rant about the idea of peace and prosperity. And in in Venezuela, as

and prosperity. And in in Venezuela, as you know, this was a playground for every bad actor in the world. Uh we had Russians, Iran, terror groups, uh all of them profiting from this criminal

organization that was pretending to run the country. uh that makes America

the country. uh that makes America safer. You've secured the border. We're

safer. You've secured the border. We're

stopping the flow of drugs and now with the normalization of relationships on an economic basis, it's going to mean tremendously for the pro prosperity of the American people. Uh so I just want

to say again uh congratulations to you and to the entire leadership team. Uh

it's been an amazing historic week uh on the scale of things that we haven't seen perhaps for 125 years in terms of the US uh exerting its influence over Latin America in a way that's going to make a

change for generations. And on behalf of all the oil executives that are here today, uh Chris and I want to say thank you to all of you. Uh it's your technology, your innovation that has put

America in the place where today we are the most energy dominant country in the world. And that is that position is

world. And that is that position is what's allowed us to take uh the action that we're taking uh with state craft with military action. None of that would happen if we were dependent on everybody else for energy. So you're you're a big

part of the reason uh that we're able to move the way we are today and we're grateful that you're here to be to be part of the solution going forward.

>> Thank you Dougen. You are doing a fantastic job and we appreciate it.

Everybody appreciates it. They know they know who's doing well. Uh Chris Wright.

>> Thank you Mr. President. Yeah. What

we've seen in the last week is leadership matters and credibility matters. Venezuelan oil has been

matters. Venezuelan oil has been sanctioned for many years and the oil just flew. You know, those sanctions

just flew. You know, those sanctions were not enforced. That oil just floated out to trafficked by bad actors of the world. The resources weren't gone to a

world. The resources weren't gone to a central place. The corruption and

central place. The corruption and decline of Venezuela has been a crisis for the people of Venezuela. And as

Secretary Rubio said, massive spillover effects in the United States in crime and drugs and kidnappings and in taking a huge resource base and making it not

exploited, not developed, the whole world is a poorer, less opportunity rich place. Because of that, when you have

place. Because of that, when you have materials underground, they've been underground for a million years. That

does not make them a resource. That does

not make them valuable for your country, your people, or the world. They only

become a resource with technology, with capital, with rule of law and a system of governance that encourages the harvesting of those resources to make the better world. And we see here the

dramatic contrast between the United States, which may have less oil underground than Venezuela. We have 20 times the production of Venezuela, 20 times the impact of human betterment,

massively better quality of living here in the United States. That was at risk under the last administration. And we've

seen a lot of attacks on the energy that makes the world go round. President

Trump's election has removed those risks, has embraced reality about how the world is energized, and we are record production of oil in the United States, record production in natural gas in the United States. We've seen a

meaningful decline in gasoline prices, diesel prices, travel prices because of jet fuel. Um, and now President Trump is

jet fuel. Um, and now President Trump is taking the genius of a different way to try to solve a 25-year festering problem in Venezuela that all the traditional

things have not worked, but ordering both a tremendous military operation to remove the heads of a criminal organization masquerading as a government and then to use the power of

our military not to fire bullets, but to stop the flow of Venezuelan oil to the world immediately gave us leverage over the interim authorities in Venezuela and

has allowed us to be in this position today where the actions of this government can massively improve Venezuela for the better and the bigger

impact is to massively improve the quality of life, affordability, safety, and security of the United

States. very proud to be here and I

States. very proud to be here and I should I I'll we'll turn it over to Mark Nelson who's the vice chairman of

Chevron. Chevron has been in Venezuela

Chevron. Chevron has been in Venezuela for over a hundred years continuously.

Uh Mike Worth the CEO had a knee replacement recently. He's not here.

replacement recently. He's not here.

Mark is a tremendous leader in our industry and and I'll turn it over to him.

>> Thank you, Secretary Wright. Um again,

I'll send Mike W's regrets. he really

wanted to be here, Mr. President. Um, so

on his on his behalf, I have three very quick thank yous and an assurance I'd like to provide you all. Uh, the first thank you, Mr. President, is to you.

It's thank you for convening this gathering. It's thank you for your

gathering. It's thank you for your leadership and and thank you for continuing to keep American energy domination in the in the forefront. So,

thank you. Thank you for that.

>> Thank you very much. The the second thank you actually is is to the cabinet.

Uh so Secretary Rubio, Secretary Berg, and Secretary Wright, your ability and commitment to continue to engage with the parties around the table to keep the

world working is greatly appreciated. So

thank you. Thank you for that. And the

and the final thank you actually would go to our Venezuelan employees of Chevron. They have been working

Chevron. They have been working tirelessly to operate safely, protect the environment in country and their dedication and skill will help us in

this next chapter. And finally, I'll close with the assurance. U for more than a century, Chevron has been a part of Venezuela's past. Uh we are certainly

committed to its uh present and we very much look forward as a proud American company to help it build a better future. And so, Mr. President, thank you

future. And so, Mr. President, thank you for your leadership.

>> And you really suffered there. You were

you stuck it out. A lot of people left.

A lot of big companies left. Some of the people, many of the people sitting at this table left because of the safety risk and other risks. But you really, you stuck it out. I give you credit for

that. Sometimes it was hard. I remember

that. Sometimes it was hard. I remember

uh six months ago I told you to stay.

Just stay. Things are going to happen.

You'll be very happy. I didn't know they were going to happen this fast or this conclusively.

Uh, one thing I think everyone has to know is that if we didn't do this, China or Russia would have done it. And if

China or Russia were a nextoor neighbor, because essentially this is not around the other parts of the world so far away where you fly an airplane for 24 hours

before you get there. This is sort of a nextdoor neighbor if you think about it.

And uh, I told China and I told Russia, we get along with you very well. We like

you very much. We don't want you there.

Not going to be there. And if we didn't do this, China would have been there and Russia would have been there. Maybe they

both would have been there together, but they're not going to be there. Now, one

thing I will tell them and I will tell you that we are open for business. Uh,

China can buy all the oil they want from us there or in the United States. Uh,

Russia can get all the oil they need from us and they do like oil even though they produce a lot of it. But China and Russia and everybody else is able to go and we'll be open for business almost

immediately. I have a feeling the

immediately. I have a feeling the hundred million dollars will be spent very very hundred billion will be spent very very rapidly by these very big powerful and rich companies. And I think they're going to be able to build

rebuild the infrastructure. I I hope it's going to be brand new as opposed to rehab because I know the tremendous difference between the new and the not so new in your industry. The new is uh

much more beautiful, much better in every way, and actually much smaller.

It's like everything else, gets smaller and stronger. It's a combination of

and stronger. It's a combination of smaller, better, and stronger. So, I

hope you're going to build all brand new stuff, rip out the old crap that's been there for so many years, and do it the right way. You're going to be there a

right way. You're going to be there a long time. If we make a deal, if we make

long time. If we make a deal, if we make a deal, you're going to be there a long time. If we don't make a deal, you won't

time. If we don't make a deal, you won't be there at all. It's, you know, sort of interesting. But uh again, China and

interesting. But uh again, China and Russia would have been there if we didn't do this. And the other thing people ask about the second wave, I don't think it's going to be necessary.

We have an armada, a giant armada like nobody's ever seen in that part of the world and it's stationed off the coast.

and we are getting along so well with the people that are involved and representing Venezuela that I don't think we're going to have any uh ne I don't think it's going to be necessary

to do the second wave. We were planning on a second wave but the first wave was so powerful and so good and so strong and frankly the people in the country

they really they did the right thing.

They were smart. They did the right thing. They didn't want to go through a

thing. They didn't want to go through a second wave, but we've got a tremendous number of the most powerful ships in the world right there. I don't think we're going to have to use that. I'm happy to

say that. I don't think we're going to

say that. I don't think we're going to have to use that at all. If I could ask uh Chevron, you did a great job. I want

to thank you. And Exon Mobile, if you would say a few words and then followed by KICO, great companies, massive companies, great companies. Uh Exxon,

please.

>> Sure. Thank you, Mr. President. I

appreciate the invitation and the opportunity, frankly, for the entire industry to uh show up and provide a perspective.

Frankly, [clears throat] we've been kind of unresponsive to the press regarding Venezuela, but I guess today's the opportunity to address the press directly with respect to a number of questions that have been asked of Exon Mobile. First and foremost, obviously,

Mobile. First and foremost, obviously, is the interest that we have in Venezuela. And I think, you know, the

Venezuela. And I think, you know, the way I would position that, I think one of the reasons why we see many of the industry players here is we're in a depletion business for a product that is in great demand. and will be in demand

for many many many decades to come. And

as a depletion business, the biggest challenge we have is finding resources.

There's an opportunity in Venezuela with all the resources there is we don't have that challenge of finding, we have the challenge of developing those resources.

So I think it's on uh it's in the best interest of uh these companies and frankly society as a whole for the industry to be interested in understanding what the opportunity here

represents. I'll just share a philosophy

represents. I'll just share a philosophy that Exon Mobile has when we enter countries because we do business all around the world in a number of different regimes. We take a very

different regimes. We take a very long-term perspective. The investments

long-term perspective. The investments that we make span decades and decades so we do not go into any opportunity with a

short uh uh mindset, short-term mindset.

And there's a value proposition that we have to meet. It has to be a winwinwin proposition. Obviously, it has to be a

proposition. Obviously, it has to be a win for the company and our shareholders and to generate a return for the investments that we make. Has to be a win for the government. The the

resources are an important source of revenue that help support the people of the places that we do business. And uh

has to be a win for the people. We have

to be wanted there and to be a good neighbor. And those three things ensure

neighbor. And those three things ensure a stable long-term platform for the large investments that we make for the long term.

With respect to Venezuela in particular, we have a very long history in Venezuela. In fact, we first got into

Venezuela. In fact, we first got into Venezuela back in 19 1940s. Uh we've had our assets seized there twice. And so

you can imagine to reenter a third time uh would require some pretty significant changes from what we've historically seen here in what is currently the state. If we look at the legal and

state. If we look at the legal and commercial constructs and frameworks in place today in Venezuela, uh today it's uninvestable and so significant changes have to be

made to those commercial uh frameworks, the legal system. There has to be durable investment protections and there has to be a change to the hydrocarbon uh laws in the country. We're confident

that uh with this administration and President Trump working uh handinhand with the Venezuelan government that those changes can be put in place.

Uh and with respect to the Venezuelan government that that that perspective we don't have the view on. We haven't

talked to the Venezuelan government and obviously we it's we have yet to assess the people's uh perspective with respect to Exom Mobile entering the company

country. In the short term, um there are

country. In the short term, um there are things that can be done while these longer term issues are being worked. Uh

for us, we haven't been in the country for almost 20 years. Uh we think it's uh absolutely critical in the short term that we get a technical team in place uh 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. um with the invitation of the Venezuelan government and with appropriate security guarantees we are

ready ready to put a team on the ground there. We also have a uh integrated set

there. We also have a uh integrated set of capabilities from production to refining to trading and I think we can be of assistance to getting the Venezuelan crude to market and realizing

a market price to help again uh with the financial situation in Venezuela. So

those are my short-term perspective that I have. I'd say maybe close with a thank

I have. I'd say maybe close with a thank you uh Mr. president for the work that you've done to secure not only the national security but the energy security of the region and then thank you Secretary Rubio, Secretary Wright,

Secretary Bergam for your leadership in this matter. Thank you.

this matter. Thank you.

>> How long would it take you Darren as Exxon to if we make a deal and if we make a deal how long would it take you to get in there and get started? Well,

we the first step this technical team we as I talked with Secretary Wright earlier this week, we started from the beginning to put the team together so that if and when it was needed, we could

hit the ground almost immed within the next couple of weeks, >> start the assessment and then from there we need to understand.

>> That's what we want. We want speed and quality. That's what we want. Thank you,

quality. That's what we want. Thank you,

Darren and Kico. Ryan,

>> thank you Mr. President. appreciate the

opportunity to be here too and you've assembled a great team and our congratulations as well for removing one of the uh terrible people in the world and bringing bringing them to justice.

It was quite amazing. I think you've given hope to the people of Venezuela again which I think is quite remarkable and we've been on the other end of that uh despot regime a long time. Uh our

assets were appropriated. I had a little bit more hair when that happened. Um,

and you know, I think we're the non largest non-s sovereign credit holder in Venezuela today. So, we're in a bit of

Venezuela today. So, we're in a bit of different situation. But I think your

different situation. But I think your big and bold idea to use energy commerce instead of conflict is something that could make a real big difference in

Venezuela. And we stand our company

Venezuela. And we stand our company certainly stands ready to help in in that endeavor. um encourage you to

that endeavor. um encourage you to continue to think bigger and even bolder and we've had some discussions with your energy team about that as well as we think about the other people that need

to be in this room and then this discussion are the banks and including probably the XM bank as we think about how the debt needs to be restructured and the financing to uh deliver the

billions of dollars that are required to restore their energy infrastructure and uh and I think as we think that big and bold we need to be also thinking about

even restructuring the entire Venezuelan energy system including Pedvesa. And I

think if we can do that and think uh think bold uh there's an opportunity to be quick, fast, and uh restore the quality of what's happened in Venezuela or what's been lost in Venezuela over

the course of the last 25 years. So,

thank you for this opportunity.

>> Well, thank you very much. And you'll

get a lot of your money back. We're

going to start with an even plate, though. We're not going to look at what

though. We're not going to look at what people lost in the past because that was their fault. That was a different

their fault. That was a different president. We're going to We're going to

president. We're going to We're going to You're going to make a lot of money, but we're not going to go back. You left a lot of money behind, I guess, huh?

What number?

>> 12 billion.

>> How much?

>> 12 billion.

>> Well, good write off.

>> It's already been written off.

>> It's [laughter] been written.

All right. Thank you very You'll make it back one way or the other. You're all

going to do very well. I think really very well. Marco just gave me a note. Go

very well. Marco just gave me a note. Go

back to Chevron.

They want to discuss something. Go

ahead. I'm going back to Chevron. Mark,

thank you. Marco, go.

>> Is there Was there a question, Mr. President?

>> Yes. Go ahead, Marco. What was What are you saying here?

>> Mark, if you can update us on operations in the ground with the appropriate approvals, what you might be able to achieve in the next 12 to 18 months. G

give us a little view from the ground.

>> You bet. You bet. So today, Chevron has 3,000 employees in four different joint ventures in Venezuela today. And over

the past 5 to seven years, they've taken production from about 40,000 barrels a day to 240,000 barrels a day, essentially getting those facilities and that equipment up to standards that would be something that people in the

room would be more uh accustomed to.

Given the work we've done um with Secretary Wright and Secretary um Bergam and even Secretary Bessant, I think we have a path forward here very shortly to be able to increase our

liftings from those joint ventures 100% essentially effective immediately. Uh we

are also able to increase our production within our own disciplined investment schemes um by about 50% just in the next 18 to to 24 months and that's just

leveraging what's on the ground. So to

to Secretary Rubio's comments about phase one, this is taking the momentum of improvements we've already made there locally and building on those and creating more momentum for the people of

Venezuela.

>> Do you think you have an advantage being there? You know, you've been there by

there? You know, you've been there by the skin of your teeth. It's been tough for you to be there, but do you think you have an advantage over the other people in this room by the fact that you are there?

>> Yeah, I think there are, Mr. President.

I think there would be days where it didn't feel like an advantage and there are days where it does feel like an advantage. But having people on the

advantage. But having people on the ground today that care desperately about the people of Venezuela and know how to operate the assets that are there is a definite advantage today.

>> Would you say the best locations are available or would you say the best locations are already sort of worked even though they're in very bad shape?

>> The best locations for finding oil, the best locations for oil. There there are more more opportunities than not Mr. President with 300 billion barrels of of reserves in resources in country. Uh

there are lots of opportunities for many companies.

>> Will you be building new or we you'll be using the old infrastructure that you have?

>> Yeah, today it's a it's a little bit of a mix but today it's mostly us taking the uh the equipment of today getting it to the standards that we are accustomed to. To your comments about making it how

to. To your comments about making it how it should be today, most of the investments that we've been making are about getting it up to our standards.

Well, I think you're going to make an investment, but you're going to get your money back very quickly, and that's part of our thing. We're going to have you get your money back fast, and then you'll uh give a lot to Venezuela and to the United States after that. Okay? So,

you'll be you'll be in good shape. Uh

could I ask Carol Tam to say a few words? He's been a friend of mine for a

words? He's been a friend of mine for a long time. Very amazing man, actually,

long time. Very amazing man, actually, amazing energy person.

>> Well, thank you, Mr. President. It's

good to be here with so many dignified people uh in this effort particularly and thank you for your effort for what you've done here taking this desperate

out of that area and the world uh dealt with him way too long. Certainly our

industry knows that this is a real jewel uh that can be uh developed for the for the people for the people uh of

Venezuela and also benefit the world.

And like Secretary Wright said, it has not been done. That's not been done in the past. And and they had a good chance

the past. And and they had a good chance at it. um brought uh someone in that

at it. um brought uh someone in that totally took it down as everybody knows here and that was Chavez and we know what happened to him finally but you

know that ruined the industry in in Venezuela and all of us know how that happened ended very well very very

wrongly uh so anyway we're we're glad to see u uh what's happened here and and uh look forward forward uh for the

opportunity for a lot of people in this room, but also for America and the country itself.

>> Are you going to be involved in going in because you know he's in North Dakota and he's in Oklahoma and some incredible places is a little bit different but

there's no doubt about you won't have to worry about the straw too much here. You

can just just go at it. Uh are you going to be one of the participants? Well,

certainly uh you know I'm an allinder uh like you said you know Barry Butler uh you know told that story >> the coach >> and he's kind of exaggerated a little

bit. It doesn't come out that quite that

bit. It doesn't come out that quite that easily usually but anyway great story. I

love it. Uh but I love Barry.

>> Barry Barry's the one that told me that.

>> Yeah. He's he's a champion, you know, and in a lot of ways. So love that story. Uh certainly I I it excites me as

story. Uh certainly I I it excites me as an explorationist. uh you know everybody

an explorationist. uh you know everybody has that in their blood and and uh you know it is a very exciting uh uh country

and and a lot of reserves and so it's got its challenges and the industry knows how to how to handle that and like

Darren said you know you go in your eyes open and and do the best you can with the team you got. So,

>> well, you're going to have something that they never had really here is tremendous security. You're going to be

tremendous security. You're going to be very secure, very safe, physically safe in addition to financially safe.

>> So, it's good to see you, Harold. Thank

you very much. Uh, does anybody have anything to say before we get to the press?

>> Cuba have to do to avoid the same fate as what does Cuba have to >> Well, Cuba's in bad shape. Cuba relied

on Venezuela for oil and for money. And

nobody really knows what's going to happen with Cuba. They're doing very poorly. They're really third world all

poorly. They're really third world all the way. And we have a lot of great

the way. And we have a lot of great Cubanameans.

And I would say Marco fits very solidly into that category. And I might ask you to say a few words about, we were discussing it before. Cuba is a very different. They don't have energy. They

different. They don't have energy. They

don't have oil. But they would live off of the oil from Venezuela. And they what they do have is very strong people and very powerful people militarily and they

would protect the people running Venezuela and they would take in a lot of money from Venezuela. Now they don't have that. They won't be taking in any

have that. They won't be taking in any money. So Marco, what do you think?

money. So Marco, what do you think?

>> Well, I mean the fundamental problem in Cuba is that it's run by incompetent people that don't know what an economy looks like, much less a functioning one.

They've made a choice and that is they would rather have political control over their people than they would to have an economy that functions. and they've

gotten away with it for 60some years because they've had donors, the Soviet Union and now most recently Venezuela, but that's now gone. So the people in control in Cuba have a choice to make.

They can either have a real country with a real economy where their people can prosper or they can continue with their failing dictatorship that's going to lead to systemic and societal collapse.

So it's a very stark and dramatic choice and it's one we hope they make the right one. We don't have an interest in a

one. We don't have an interest in a destabilized Cuba, but that would be their fault because they refuse to allow the people of Cuba to have either economic or political freedom for that

matter. And you have a you have you have

matter. And you have a you have you have a lot of people in this country that want to go back to Cuba and help Cuba. A

lot of people have left, you know, they came in penalists. They didn't have anything and they become very rich people in our country and they want to very much go back and help Cuba. So

that's something that Cuba has that a lot of other places don't have. Peter,

>> President Trump, thank you. I do want to ask you about Minnesota, but first just more on topic.