Bloomberg Talks Chevron Chairman & CEO Mike Wirth Talks Lower Oil Prices, Venezuela
Dec 10, 2025
Mike Wirth, Chairman and CEO of Chevron, dives into the implications of declining oil prices on exploration and investment strategies. He discusses the lengthy timelines involved in exploration and emphasizes capital efficiency amid rising demand. Wirth touches on Chevron's commitment to compliance with U.S. sanctions in Venezuela while recognizing the region's vast resources. He also explores early AI applications in the oil industry and outlines Chevron's significant gas-powered project for data centers. Wirth’s insights paint a comprehensive picture of the future of energy.
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Long-Term Planning Beats Short-Term Price Chasing
- Chevron makes long-term investment plans based on multi-decade supply and demand outlooks rather than current oil prices.
- The company focuses on cost discipline and free cash flow to deliver through price cycles.
Exploration Is A Decades-Long Game
- Exploration has very long lead times, sometimes decades from discovery to production.
- Chevron must take a long view and keep costs tight while guiding robust free cash flow.
Capital Efficiency Has Improved Sharply
- The industry has substantially improved capital efficiency via standardization and simplification.
- Smaller capital spend can now deliver similar growth compared with a decade ago.