Squawk on the Street Chevron CEO "First on CNBC," Netflix Falls Despite Beat, Riding the Record Rally 7/18/25
Jul 18, 2025
Mike Wirth, CEO of Chevron, discusses the oil giant's recent $55 billion acquisition of Hess and the implications for the energy industry. He shares insights on how the deal positions Chevron for future growth amidst evolving market conditions. Meanwhile, Netflix faces an unexpected stock decline despite beating quarterly expectations, raising questions about viewer engagement and competition in the streaming wars. The conversation also touches on record highs for the S&P 500 and Nasdaq, and the evolving landscape of interest rates and corporate partnerships.
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Chevron-Hess Deal Implications
- Chevron's acquisition of Hess creates a premier oil and gas company with industry-leading cash margins and free cash flow growth.
- The deal affirms that asset-level rights of refusal don't apply to corporate M&A transactions in the sector.
AI Boosting Oil Efficiency
- Chevron sees technology, especially AI, driving efficiency across the asset lifecycle, from seismic data processing to operations.
- This tech-driven productivity will be vital amid competitive and capital-efficient growth demands.
Netflix's Growth Strategy
- Netflix aims for growth through a steady release of diverse shows, not just occasional big hits.
- Expanding content genres, geographies, and formats is core to sustaining user engagement and membership growth.