Chevron CEO Mike Wirth Invests $7 Billion in Venezuela Expansion Amid Oil Supply Concerns
Chevron (CVX) CEO Mike Wirth has warned that global oil markets are increasingly vulnerable due to depleted strategic reserves, which previously helped stabilize prices after the Iran conflict. With Brent crude trading at $109 as of September 2026—up from $61 in December 2025—he argues that future supply shocks could have a more pronounced impact on prices given thin buffers and resilient demand. To address this, Wirth is pushing forward with an ambitious plan to expand Chevron’s operations in Venezuela. The company aims to double its current output there by early next decade using only cash generated from existing joint ventures, avoiding capital reallocation from key regions like the Permian Basin or Guyana. This strategy supports both production growth and buyback capacity. Chevron's Q2 2026 results were robust: adjusted EPS reached $6.06, revenue hit $67.2 billion (up 51% YoY), and free cash flow was a record $18.1 billion. The company’s global production also set records at 4,070 MBOED.
Tickers: $CVX
Topics: Chevron CEO statement oil supply strategic reserves Venezuela expansion