Chevron is focusing investment on low-cost, long-life oil assets as global energy producers adjust strategies amid continued disruption from the Middle East crisis, Chief Executive Mike Wirth said on May 1, according to S&P Global.
“One thing you can expect from us [Chevron] is consistency. You will see capital and cost discipline no matter what. You will see us invest in highly competitive assets with scale and longevity, and assets that are low on the cost curve,” Wirth said on Chevron’s first-quarter earnings webcast, noting the company’s focus on strong returns, free cash flow, and maintaining a strong balance sheet.
Wirth said the US- Iran conflict is likely to reshape the global energy system, though the final structure of a new market balance remains uncertain.
“It’s early to have firm conclusions about how the energy system will change in the long term. I do think there will be changes. We have to see how things play out over the coming weeks, hopefully not longer than that. As this comes to some sort of a resolution, and the energy system begins to be reconstituted in a way that can reach some new equilibrium,”
Chevron, ExxonMobil, and ConocoPhillips are among United States producers adjusting portfolios as geopolitical risk continues to affect supply routes and price formation. The companies are prioritizing short-cycle, high-return projects while maintaining capital discipline.
Wirth said Chevron has visibility through the end of the decade based on existing projects.
“We’ve got great visibility through 2030…We’ve got assets online now that deliver predictable, visible cash flow growth for the balance of this decade,” Wirth said.
On May 1, Chevron reported first-quarter earnings of US$2.2 billion, down from US$3.5 billion a year earlier, but said performance remained “solid” despite geopolitical disruptions and market volatility.
Adjusted earnings stood at US$2.8 billion, compared to US$3.8 billion a year earlier, with higher production and refining margins offset by timing effects and a US$360 million legal reserve.
The company also signaled that crude from Guyana is becoming an increasingly important part of its global supply system, as the U.S. oil major leans on a more flexible portfolio of equity barrels to boost refining margins and navigate volatile markets.
Chevron secured a position in the Stabroek Block after winning a legal battle over Hess’ 30% stake. Following the 2025 arbitration, it completed its acquisition of Hess and joined ExxonMobil and CNOOC as a co-venturer. More than 11 billion barrels of oil equivalent have been discovered in the block since 2015, with production now exceeding 900,000 barrels per day.
