Bloomberg Surveillance Bloomberg Surveillance TV: December 10th, 2025
5 snips
Dec 10, 2025 Mike Wirth, CEO of Chevron, shares insights on long-cycle energy investments, emphasizing the importance of capital efficiency and technological advancements. He explores Chevron's interest in Iraq and discusses ongoing projects to supply natural gas power to AI data centers. Julian Emanuel, Evercore ISI's Chief Equity Strategist, analyzes the shift from a 40-year bond bull market and warns about market risks amid December volatility. Lindsey Piegza, Chief Economist at Stifel Nicolaus, dives into persistent inflation issues and the impact of fiscal policy and AI on energy pricing dynamics.
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Long-Term Planning Over Spot Prices
- Chevron makes capital plans based on long-term supply and demand, not spot prices.
- Mike Wirth says short-term prices affect near-term results but not strategic investment choices.
Efficiency Beats Bigger Spending
- Exploration and project timelines span decades, so decisions must be multi-decade in horizon.
- Wirth notes industry standardization and simpler designs have doubled capital efficiency.
Measure Output, Not Rig Count
- Do not judge production capacity by rig count alone; measure feet drilled per day and wells completed.
- Wirth recommends focusing on output-per-rig metrics to assess productivity gains.