US Oil Majors Hedge on Venezuela: From Caution to Uninvestable
Oil majors weigh Venezuela's risk, with Exxon calling it uninvestable amid sanctions and opaque regulations.
Darren Wayne Woods, born December 16, 1965, in Wichita, Kansas, is an American businessman serving as chairman and chief executive officer of ExxonMobil since January 1, 2017.[1][2][6] Raised near U.S. military bases due to his father's work as a military supplier, he earned a bachelor's degree in electrical engineering from Texas A&M University in 1987 and an MBA from Northwestern University's Kellogg School of Management.[1][3][6] Woods joined Exxon Company International in 1992 as a planning analyst in Florham Park, New Jersey, advancing through domestic and international roles across ExxonMobil Chemical Company and ExxonMobil Refining and Supply Company.[2][4][6] Key positions included vice president of ExxonMobil Chemical Company in Houston in 2005, managing global specialty-chemical businesses; director of refining for Europe, Africa, and the Middle East in Brussels in 2008; vice president of supply and transportation in Fairfax, Virginia, in 2010; and president of ExxonMobil Refining and Supply Company in 2012.[4][5][6] In 2014, he became senior vice president of ExxonMobil, and effective January 1, 2016, he was elected president and board member, succeeding Rex Tillerson, who was nominated as U.S. Secretary of State.[1][3] A refining and chemicals expert, Woods oversaw divisions that generated most of ExxonMobil's $7.8 billion net income in 2016 before his CEO appointment.[1][3] He chairs the American Petroleum Institute and its executive committee.[4] Under his leadership, ExxonMobil invests in carbon capture and storage, including a Houston hub, while maintaining plastics production with improved waste management.[1] Woods's compensation has risen notably: over $20 million annually in 2021, $31 million in 2023 (199:1 CEO-to-median worker ratio), and $44.1 million in 2024 (231:1 ratio).[1] With over 30 years at ExxonMobil, leading 60,000 employees globally, he remains a pivotal figure in energy amid transitions to lower emissions.[6][7] (298 words)
Oil majors weigh Venezuela's risk, with Exxon calling it uninvestable amid sanctions and opaque regulations.