Chevron shares trade at $214 as CEO Mike Wirth highlights the risk of thin global oil buffers while leveraging record production and self-funded expansion in Venezuela to drive growth.
Chevron CEO Mike Wirth warns that global strategic oil reserves are largely depleted, leaving Brent crude vulnerable to price shocks above $109. Despite this volatility, Chevron reports record Q2 free cash flow of $18 billion and is aggressively expanding its Venezuelan operations through a self-funded model.
Wirth argues that the emergency oil buffers used to balance the market following the Iran conflict have been exhausted, leaving the market without a cushion against fresh supply disruptions.