Questions about oil production incentives given low prices and efficiency gains.
speaker1
Mike Wirth
Investment plans are long-term; short-term oil prices affect financial performance but not long-term capital programs.
Asks how to reconcile low prices with international exploration.
speaker3
Mike Wirth
Exploration is a long-cycle business; we take a long view while keeping costs tight in the short term.
Notes IEA and OPEC see strong long-term oil demand; asks if Chevron should invest more.
speaker3
Mike Wirth
IEA finally acknowledges long-term oil and gas demand; capital spending is more efficient now, so spending doesn't directly correlate with growth.
Asks about negotiations for Lukoil assets in Iraq.
speaker3
Mike Wirth
Cannot comment on negotiations but highlights Chevron's reputation as a good partner and operator in the Middle East.
Asks where efficiency gains are coming from—AI or better technology.
speaker1
Mike Wirth
Efficiency comes from longer laterals, optimized well spacing, and standardized designs, not AI yet.
Asks why rig count is down if breakeven costs are lower.
speaker1
Mike Wirth
Rig count is less relevant; we drill more feet per day with fewer rigs due to efficiency.
Asks about AI deployment and staff cuts.
speaker1
Mike Wirth
Early days for AI at scale; Chevron has vast data to optimize operations and improve productivity.
Asks about natural gas-fired power projects for data centers.
speaker3
Mike Wirth
Developing gigawatt-scale off-grid power for data centers in West Texas using natural gas.
Asks about Chevron's future in Venezuela amid political tensions.
speaker3
Mike Wirth
Chevron has been in Venezuela for 100 years; operations comply with U.S. law and bring value to America.
Asks about succession planning.
speaker3
Mike Wirth
Succession is a board responsibility; focused on delivering free cash flow and shareholder returns.
Asks whether oil or gas will be more valuable in 10 years.
speaker1
Mike Wirth
Both oil and gas will be essential; demand for both will be much higher than today.