The world may talk about clean energy, but oil is not going away soon. That was the message from Chevron Chief Executive Mike Wirth, who has led the US energy giant since 2018.
“We don’t create demand, we meet demand,” Wirth said in an interview. “As long as the world uses oil and gas, we have a duty to supply it affordably and reliably because it advances human progress.”
Chevron, America’s second-largest oil company after ExxonMobil, pumped a record 3.4 million barrels of oil and gas per day last quarter. The company also recently completed its $53 billion takeover of Hess, strengthening its presence in Guyana’s booming offshore fields.
But challenges loom. The International Energy Agency (IEA) has predicted that global demand for fossil fuels could peak before 2030. Prices have already slipped as oversupply and trade tensions weigh on global growth. Chevron’s profits fell in step with oil prices, raising questions about how long the boom can last.
Wirth is betting Chevron can adapt. He relocated the company’s headquarters from California to Texas last year and announced plans to reduce the workforce by 20%, approximately 9,000 jobs, by 2026. At the same time, Chevron is investing in hydrogen, lithium, carbon capture and renewable fuels.
“Even if demand stops growing, it won’t vanish overnight,” Wirth said. “Oil is a depletion business. To meet future needs, you must keep investing in supply.”
The CEO, who has worked at Chevron for over four decades, acknowledged the pressure from climate activists and governments pushing for electrification. But he warned against quitting oil too early. “When the world stops using oil and gas, we’ll stop looking for it,” he said. “Stopping before then risks energy shortages and economic harm.”
Under President Trump, the oil industry has gained access to more federal leases, reversing restrictions imposed during the Biden era. Wirth welcomed the shift, saying it guarantees “a regular flow of exploration opportunities.”
Yet the global push for cleaner energy is accelerating. Chevron faces a delicate balancing act of serving shareholders, protecting jobs, and investing in new technologies, while also responding to the climate crisis.
Wirth insists culture will be key. “Strategies can be copied, assets can be bought, but culture is hard to replicate,” he said. “That’s where Chevron sets itself apart.”
Despite market swings, Wirth says Chevron will endure. “Our business is built to work through cycles,” he said. “We don’t chase today’s prices. We focus on the long-term.”
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