“Socialist ruler Hugo Chavez needed cash to shore up his failing economy, so he demanded that all foreign oil companies give his government a bigger cut of their revenues. All the companies went along, except ExxonMobil, where Tillerson had recently become CEO. He refused Chavez’s demand.
Chavez responded by nationalizing ExxonMobil’s considerable assets in the country, which the company valued at $10 billion. The losses were a big blow to Tillerson, who reportedly took the seizure as a personal affront.
Only Tillerson didn’t get mad, at least in public. He got even….”