Chevron CEO on operating amid global tensions: Our first priority is the safety of our people

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Chevron 3.0
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Mike Wirth 9.0

Chevron CEO on operating amid global tensions: Our first priority is the safety of our people

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Adjusted free cash flow is about 50% higher than a year ago despite prices being down $10 a barrel, production is up over 20%, growing high cash margin barrels driving free cash flow growth. Chevron's strong production growth and cash flow generation despite lower prices indicate positive near-term momentum for oil prices, though geopolitical risks suggest caution.

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8/23/2025 5:06:13 PM	long term up	60 days later	-5.09%	-5.09%
8/23/2025 2:51:40 AM	long term up	60 days later	-5.09%	-5.09%

Chevron out with earnings this morning. Oil giant beating on the top and bottom lines, record production thanks in part to its acquisition of Hess.

Jim Cramer
Mike Wirth

Well, happy Halloween Jim. We're doing it all. Record production in the quarter, strong cash generation, superior shareholder returns. U.S. production set records with over four million barrels a day. Prices were down $10 a barrel from a year ago, but adjusted free cash flow is about 50% higher than it was a year ago.
There are several remarkable fields including the Permian, Guyana, Gulf of America. It's about the cash flow.

Jim Cramer
Mike Wirth

Yes, we're delivering growth in prolific high margin assets in the U.S. and internationally. Capex is essentially flat but production is up over 20%, growing high cash margin barrels driving free cash flow growth.
How are you handling volatility in places like Kazakhstan, Venezuela, Gaza, and Russia?

Jim Cramer
Mike Wirth

Our priority is safety and integrity. We have experience working in risky environments and are well prepared.
Regarding Venezuela, there's conflict perceived between Chevron's interests and the U.S. How do you respond?

David
Mike Wirth

We see our presence as good for Venezuela and the U.S. The oil is important for Gulf Coast refineries and regional trade is constructive.
Given the military buildup in the region, what if there is kinetic war?

David
Mike Wirth

We hope such conflict is avoided. We have security functions and drills to prepare, but no specific insight to share on conflict likelihood.

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