Exxon and Chevron decline new spending in Venezuela while taking a wait-and-see approach for the years ahead

U.S. Big Oil giants Exxon Mobil and Chevron said Jan. 30 they have no plans to increase their capital spending in Venezuela this year while they wait and see how legal and political reforms unfold to make the country more inviting to foreign oil investments.

President Donald Trump has repeatedly insisted U.S. oil companies will spend more than $100 billion in Venezuela to dramatically rebuild its dilapidated infrastructure since forcibly removing leader Nicolás Maduro from power. But...