The International Chamber of Commerce, in an arbitration process, said Venezuela owes Exxon for oil assets the country had taken over.
El Universal reported Monday that Chavez was highly critical of the decision.
"How much these oil companies have stolen for 100 years?" Chavez asked. "They would rather pay for the damages for those 100 years," he challenged.
"An arrogant Exxon Mobil did not want to arrive at an amicable settlement. This has always been our desire. We recently reached ... an amicable settlement with [two other companies]," he said.
"My answer to this and any other company is that Venezuela is a sovereign country," Chavez declared.