Chevron CEO Is Open to Expanding in Middle East

Summary

Chevron CEO Mike Wirth discusses US LNG's growing role in global energy, the enduring but potentially declining centrality of the Strait of Hormuz, and Chevron's openness to expanding in the Middle East as host countries offer improved investment terms. He notes Chevron's current Middle East production exposure is only 5%, far below peers, and signals a gradual increase is possible.

• US is the world's top LNG producer with multiple Gulf Coast projects advancing.
• Mike Wirth stresses the importance of avoiding export bans to preserve US reliability as a supplier.
• The Strait of Hormuz remains critical but alternatives and optionality are expected to emerge over time.
• Chevron's Middle East production is only 5% of its total, compared to peers with ~20% exposure.
• Middle Eastern countries are now offering fairer returns to investors, improving the investment case.
• Chevron has made deals in the region over the past year or two and is engaged in active discussions.
• The CEO indicates Chevron may gradually increase its Middle East footprint over time.