Written from the verified transcript and checked against it. Every figure links to the moment it was said.
Michael Wirth, CEO of Chevron, discussed the need for a balanced energy policy encompassing affordability, reliability, and environmental responsibility. He noted that Chevron is investing in green hydrogen, biofuels, geothermal, and carbon capture, but that global energy demand remains enormous. He emphasized that policy certainty is crucial for long-term investments and that companies must work with governments across political cycles. On inventories, he said buffers have been drained, making the system more vulnerable. He endorsed strategic reserve releases but said constrained supply remains the underlying issue. He opposed diesel export bans, arguing they remove supply and risk making shortages worse. He suggested Venezuela could contribute to energy security over the long term but not near-term. He acknowledged that oversupply and weaker prices are a reality of the business. He highlighted the resilience of the economy to higher oil prices and noted that hedging is more complex when physical prices diverge from benchmarks. He cautioned that uncertainty in the North Sea drives investment elsewhere.
Key takeaways
Chevron is investing in green hydrogen, biofuels, geothermal, and carbon capture.
Venezuela can help energy security long-term but not enough near-term.
Policy certainty is essential for long-term hydrocarbon investments.
If you're in central London at the moment, you can't move for the great and the good of the energy industry. The recipient of the big award was Mike Wirth, CEO of Chevron.
The world moved from hydrocarbons to a rush toward renewables, but many say we need as much energy from as many sources as possible. Flesh that out for us.
Energy demand is driven by population growth, economic development, and the desire for a better quality of life. We need affordability, reliability, and environmental responsibility, and the conversation has become imbalanced.
Chevron has targets to reduce emissions, and we're investing in green hydrogen, biofuels, geothermal, carbon capture, and other technologies. But global energy demand remains enormous.
Policy certainty matters for long-term investments. Different administrations favor different energy priorities, but companies invest based on long-term fundamentals.
Our investments outlast political cycles. We must work with governments regardless of where they sit politically.
Commercial inventories, strategic stocks, and sanctioned barrels have all acted as buffers, but those buffers have been drained, making the system more vulnerable.
We cannot control or predict prices. Strong balance sheets, disciplined investment, and sound operations are what help companies survive commodity cycles.
Wirth, M. (2026, October 9). Chevron CEO Mike Wirth on Global Inventories and Energy Security [Interview transcript]. Chevron. CEOInterviews.AI. https://ceointerviews.ai/interview/3032627/
MLA
Michael Wirth. "Chevron CEO Mike Wirth on Global Inventories and Energy Security." Chevron, 9 Oct. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/3032627/.
BibTeX
@misc{wirth2026_3032627,
author = {Michael Wirth},
title = {Chevron CEO Mike Wirth on Global Inventories and Energy Security},
howpublished = {Interview transcript, Chevron. CEOInterviews.AI},
year = {2026},
month = {oct},
url = {https://ceointerviews.ai/interview/3032627/},
note = {Speaker-attributed transcript with timestamps}
}
