Mike Wirth, Chief Executive Officer of Chevron, defended the company’s oil-first strategy in a recent interview with the New York Times, even as the International Energy Agency (IEA) projects that global demand could peak before 2030.
Wirth, who has led Chevron since 2018, said the IEA has “not always been right” on its forecasts, and argued that demand will not collapse but instead remain on a plateau for “a long, long time”. Because oil is a depleting resource, he said, companies must keep investing in new supply regardless of whether demand growth slows.
The comments come as Chevron integrates Hess Corporation, which it acquired this year in a US$53 billion transaction. Wirth pointed out that the Hess deal is the biggest U.S. business merger of 2025, underscoring the scale of Chevron’s bet on long-term oil demand. For Guyana, the deal is especially significant: Hess holds a 30% stake in the ExxonMobil-operated Stabroek Block, one of the world’s fastest growing offshore oil developments.
Chevron pumped a record 3.4 million barrels of oil and gas a day (b/d) last quarter, but faces headwinds from sliding prices and economic uncertainty. Wirth said Chevron is built to weather such cycles with a “healthy portfolio and a strong balance sheet”.
At the same time, he highlighted investments in new energy technologies, including hydrogen, lithium, carbon capture and renewable fuels. These businesses, he acknowledged, are growing from a “very small base” and remain more expensive than existing oil and gas technologies.
Asked whether Chevron might one day stop exploring for new oil, Wirth said that would only make sense “when the world stops using oil and gas”. Until then, he argued, halting investment would risk creating energy shortages with “adverse consequences” for the global economy.
Chevron eyes Guyana expertise in Hess takeover, says CEO Mike Wirth | OilNOW
The chief executive contrasted Chevron’s approach with European oil companies that scaled back oil production to chase renewables. “They have lost a lot of relevance,” he said, adding that their shareholders are “unhappy” as a result.
Wirth also cited U.S. policy as a factor shaping the business, noting that the Trump administration restored regular offshore lease sales after the Biden administration had curtailed them.
Chevron recently moved its headquarters from California to Texas, and plans to cut up to 20% of its workforce by 2026 in a bid to keep costs competitive. Still, Wirth emphasized culture as a differentiator, pointing to diversity, partnerships and engagement with employees as central to the company’s operations.
