Chevron CEO Mike Wirth recently shared in a Bloomberg Television interview that oil prices are nearing $100 per barrel. He attributed this potential rise to a tightening of supply and dwindling inventories. While acknowledging that increased oil prices could pose challenges to both the U.S. and global economies, Wirth expressed confidence that robust underlying economic factors would allow for the absorption of these changes.
To bolster energy production while maintaining efficiency, Chevron is honing in on capital-efficient growth. The company is targeting a 10% increase in output from the Permian Basin and plans to boost production in the Gulf of Mexico from 200,000 to 300,000 barrels per day by 2026. This strategy underscores Chevron's commitment to expanding energy supplies while reducing investment costs.
Moreover, Chevron is also gearing up to address the rising energy needs of data centers. Partnering with GE Vernova and Engine No. 1, Chevron aims to deliver four gigawatts of power to U.S. data centers by late 2027. This initiative highlights the company's proactive approach to meeting the demands of an increasingly digital world while navigating the complexities of the energy market.
