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Michael Wirth

Chairman & Chief Executive Officer, Chevron Corporation

Search every verified Michael Wirth interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In September 2026, Chevron announced plans to invest $7 billion over five years through three joint ventures in Venezuela, with the stated goal of more than tripling production from levels seen before President Trump took office, to over 600,000 barrels per day. Wirth described the investment as a "win-win-win" for U.S. refiners, the Venezuelan economy, and regional energy security, and said the projects would be accretive to free cash flow with a cost per barrel under $20. He attributed the decision to changes in Venezuela's fiscal, commercial, and legal framework, including a new petroleum law and stronger dispute resolution provisions, while stating that Chevron's overall capital guidance to investors remained unchanged. Speaking at the Energy Intelligence Forum in October, Wirth discussed global energy markets and said that commercial inventories, strategic stocks, and sanctioned barrels had acted as buffers but had been drained, making the system more vulnerable. He opposed a potential U.S. diesel export ban, arguing it would remove supply from the global market and risk making the situation worse. On emissions, Wirth said Chevron had committed to net zero scope one and two emissions for its upstream business by 2050, noting that net zero means net of offsets and credits, and that some lower-carbon mechanisms were not growing as quickly as previously expected. He also emphasized that policy certainty matters for long-term investments and that companies must work with governments regardless of political cycles.

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Notable quotes

“Export bans remove supply from the global market and risk making the situation worse. The U.S. should remain a reliable supplier to its allies.”

“Commercial inventories, strategic stocks, and sanctioned barrels have all acted as buffers, but those buffers have been drained, making the system more vulnerable.”

“We only committed to net zero scope one and two for our upstream business, not our entire business, because we saw a path within the upstream to mitigate those emissions and believe we can get them to net zero by 2050. Now net zero doesn't mean zero emissions. It means net of offsets and credits and other things which are a growing part of the lower carbon market, nature-based offsets and other mechanisms that genera”

“The reality for AI is you can look at it as input is energy and the output is intelligence. And as we began discussing this with the hyperscalers a number of years ago now, there was a belief at the time that there were kind of three things that would limit the rate at which AI would develop. One would be how fast the models would improve. They're improving very fast. In fact, they're improving themselves right now. ”

“I think this is the big news is we've seen a significant change in the fiscal and commercial terms and the legal framework for investments in Venezuela. This has been negotiated over the last several months. There's a new petroleum law that's been put in place, and that has changed the taxes, the royalties, other terms around investment, and has taken this from not being very competitive within our set of alternative”

“We've been here for 100 years. We've been a part of Venezuela's past. We certainly are part of the present today. Investing in the economy, growing production, creating jobs. And we've reached new agreements with the government to extend that investment, to increase our spending over the next five years through three joint ventures to $7 billion to triple production from the year before President Trump came into offi”

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