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Watch CNBC’s full interview with Chevron CEO Mike Wirth
  + stars: | 2024-11-01 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Chevron CEO Mike WirthChevron chairman and CEO Mike Wirth joins 'Squawk on the Street' to discuss the company's quarterly earnings results, growing oil production, state of the energy sector, and more.
Persons: Mike Wirth Chevron, Mike Wirth Organizations: Chevron
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO Mike Wirth on Q3 results: Production was our highest third quarter everChevron chairman and CEO Mike Wirth joins 'Squawk on the Street' to discuss the company's quarterly earnings results, growing oil production, state of the energy sector, and more.
Persons: Mike Wirth Organizations: Chevron
With a historic presidential election just around the corner, Chevron CEO Mike Wirth told CNBC's Jim Cramer what kind of government action is important for his company. "What really matters is consistent and coherent energy policy," he said. Wirth stressed that energy is a vital part of the global economy, saying that if supplies are constrained by political actions, it can trigger inflationary reactions across the board. According to Wirth, Chevron is apolitical and tries to work with both parties. For example, he said, oil helps create petrochemicals which are used for a variety of manufacturing purposes, including to create materials for EVs.
Persons: Mike Wirth, CNBC's Jim Cramer, Wirth Organizations: Chevron, Wirth Locations: U.S
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAffordable energy key to keeping inflation at level economies can handle, says Chevron CEO WirthChevron Chairman and CEO Mike Wirth joins 'Mad Money' host Jim Cramer to talk Chevron's newest off shore oil platform.
Persons: Mike Wirth, Jim Cramer Organizations: Chevron, Wirth Chevron
Chevron CEO Mike Wirth on American energy policy
  + stars: | 2024-10-24 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO Mike Wirth on American energy policyChevron Chairman and CEO Mike Wirth joins 'Mad Money' host Jim Cramer to talk Chevron's newest off shore oil platform.
Persons: Mike Wirth, Jim Cramer Organizations: Chevron
Chevron CEO Mike Wirth joins Jim Cramer on new 'Anchor' platform
  + stars: | 2024-10-24 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO Mike Wirth joins Jim Cramer on new 'Anchor' platformMike Wirth, Chevron chairman and CEO, joins CNBC's 'Squawk on the Street' to discuss energy demand, deep sea drilling, and more.
Persons: Mike Wirth, Jim Cramer Organizations: Chevron
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAnchor is some of the lowest carbon intensity in the world, says Chevron CEO Mike WirthChevron Chairman and CEO Mike Wirth joins 'Mad Money' host Jim Cramer to talk Chevron's newest off shore oil platform.
Persons: Mike Wirth Chevron, Mike Wirth, Jim Cramer Organizations: Chevron
Chevron CEO on returning to growth, deepwater Anchor project
  + stars: | 2024-09-17 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO on returning to growth, deepwater Anchor projectMike Wirth, Chevron chairman and CEO, joins 'Squawk on the Street' to discuss how Chevron can return to growth, where the price of crude oil will go, and much more.
Persons: Mike Wirth Organizations: Chevron
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO Mike Wirth on Q2 results: Our growth remains on trackChevron chairman and CEO Mike Wirth joins 'Squawk Box' to discuss the company's quarterly earnings results, growth and production outlook, state of the Hess deal, moving headquarters from California to Texas, and more.
Persons: Mike Wirth, Hess Organizations: Chevron Locations: California, Texas
Chevron, the second-largest U.S. oil company, is moving its headquarters to Houston, from California, formalizing a long-expected breakup with a state that has pushed aggressively to address climate change. The company’s ties to California date to the 1870s. Chevron said it already had roughly 7,000 employees in the Houston area and around 2,000 at its current headquarters in San Ramon, Calif., near San Francisco. The State of California sued Chevron and other large oil companies last year, claiming that they misled the public about the risks of fossil fuels, the extraction of use of which are a leading cause of climate change. Chevron’s chief executive, Mike Wirth, criticized the lawsuit last year, saying in a Bloomberg Television interview that litigation was not the right approach.
Persons: Mike Wirth Organizations: Chevron, Calif, Bloomberg Television Locations: Houston, California, San Ramon, San Francisco, The State
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Chevron chairman and CEO Mike WirthChevron chairman and CEO Mike Wirth joins 'Squawk Box' to discuss the company's quarterly earnings results, growth and production outlook, state of the Hess deal, moving headquarters from California to Texas, and more.
Persons: Mike Wirth Chevron, Mike Wirth, Hess Organizations: Chevron Locations: California, Texas
New York CNN —Chevron is moving its headquarters out of California, the company announced Friday. The oil giant said it would be relocating its corporate offices from San Ramon, where they have been since 2002, to Houston. This will be the first time Chevron will be headquartered outside of California since its founding more than a century ago. Chevron chairman and CEO Mike Wirth and vice chairman Mark Nelson will move to Houston by the end of 2024, while other corporate operations will slowly relocate over the next five years. Chevron’s exodus from the Bay Area comes on the heels of Elon Musk’s announcement last month that SpaceX and X, formerly known as Twitter, would be relocating to Texas, as well.
Persons: Mike Wirth, Mark Nelson, Elon Musk’s, Musk, Gavin Newsom, ” Musk, Organizations: New, New York CNN, Chevron, San, SpaceX, Twitter, CNN Locations: New York, California, San Ramon, Houston, Chevron, Bay, Texas, Hawthorne , California, Starbase , Texas, Austin , Texas
Chevron missed second-quarter earnings expectations, hurt by lower refining margins. When adjusting for $243 million in foreign currency impacts, Chevron booked adjusted earnings of $2.55 per share. Profits for international production fell about 30% to $2.3 billion compared with $3.29 billion in the year-ago period due to lower sales and natural gas prices as well a negative foreign currency impacts. International refining profits fell 25% to $317 million, compared with $426 million in the same quarter last year. Chevron shares closed nearly 5% lower Thursday and Hess stock fell nearly 8%.
Persons: Mike Wirth, Chevron's, Hess Organizations: Chevron, LSEG Locations: Orlando, San Ramon , California, Houston , Texas, Houston, U.S, Guyana
A collection of stocks with strong earnings potential and discounted valuations may be a good way for investors to find value in the market. CVX YTD mountain Chevron stock. FDX YTD mountain FedEx stock. Altria Group is the most discounted stock on the list, with the stock's trailing 12-month P/E representing a 116% haircut compared with its five-year average. MO YTD mountain Altria Group stock.
Persons: Peer, haven't, Mike Wirth, Thomas Wadewitz Organizations: Nvidia, Broadcom, Qualcomm, CNBC Pro, CNBC, Stock, ., Chevron, Exxon Mobil, FedEx, UBS, U.S . Postal Service, Altria, U.S . Food, Drug Administration, Conagra Brands, Marathon Petroleum Locations: U.S
CNN —Nearly four years ago, while campaigning in the runup to the last presidential election, Donald Trump warned that President Joe Biden would “destroy” the oil industry. In the last three and a half years, US oil production — and oil and gas company profits — have broken records. That’s a 160% jump compared to the first three years of the pro-big-oil Trump administration, according to calculations by CNN. However, in March, the Biden administration approved ConocoPhillips’ massive Willow oil drilling project on Alaska’s North Slope, which holds around 600 million barrels of oil, angering climate advocates. Despite his mixed record with oil and gas companies, though, Biden has presided over a historic run for the industry, Kloza said.
Persons: Donald Trump, Joe Biden, Trump, Biden, That’s, , Tom Kloza, , Hess, Chevron’s, Abdullah Hasan, Darren Woods, Mike Wirth, Woods, Obama, Bob McNally, Kloza, ” Kloza, “ It’s Organizations: CNN, Global, ExxonMobil, Chevron, ConocoPhillips, Resources, Schlumberger, Oil Price Information Service, US Energy Information Administration, Oil, Natural Resources, Exxon, White, Shareholders, Microsoft, Apple, The Washington Post, Keystone XL, Rapidan Energy Group, Republican Locations: United States, Ukraine, Boon, dealmaking, The
Former President Donald Trump will attend a private meeting with one of the most powerful business lobbying groups in Washington as he tries to craft an alliance with major corporate leaders. Joshua Bolten, the CEO of the Business Roundtable, confirmed in an email to members on Wednesday that Trump will be at the group's plenary meeting in Washington on June 13. The business group instead asked White House chief of staff Jeff Zients to come, according to Bolten's email. The Business Roundtable did not return requests for comment. Other members include JPMorgan Chase CEO Jamie Dimon, Carlyle Group CEO Harvey Schwartz, AT&T CEO John Stankey and Chevron CEO Mike Wirth.
Persons: Donald Trump, Joshua Bolten, Joe Biden, White, Jeff Zients, Zients, Biden, Bolten, Trump, Steve Schwarzman, Jamie Dimon, Harvey Schwartz, John Stankey, Mike Wirth, Chuck Robbins, Susie Wiles, Trump's, Paul Singer Organizations: Republican, Trump, Business, Blackstone, JPMorgan Chase, Carlyle Group, Chevron, Cisco Locations: New York City, Washington, New York, Charlottesville , Virginia, Florida
Exxon filed for arbitration in March to defend the rights it claims under the joint operating agreement. Chevron and Hess have told investors that the pending deal would terminate if Exxon prevails in the dispute. Hess shareholders would bear the risk if the deal terminates because Chevron is not obligated to pay a termination fee, according to ISS. Exxon is seeking to confirm its rights under the joint operating agreement and find out the value placed on Hess' Guyana assets under the deal, Woods said. Chevron has repeatedly maintained that the Exxon's claims under the joint operating agreement do not apply to its acquisition of Hess.
Persons: Hess, Glass Lewis, Mike Wirth, Darren Woods, Woods, Wirth Organizations: Chevron, Exxon Mobil, Mobil, Exxon, China National Offshore Oil Corporation, Institutional, Services, Hess, ISS, CNBC, Federal Trade Commission Locations: York, Guyana, China
Hundreds of Palestinians, including women and children living in east part of Rafah, migrate to the west part of the Khan Yunis with their few belongings loaded on vehicles following the Israel's announcement on the evacuation of neighborhoods, in Khan Yunis, Gaza on May 6, 2024. Crude oil futures fell Tuesday as the course of the war in Gaza remains uncertain. Israel's war cabinet unanimously voted to continue military operations in Rafah after rejecting a cease-fire proposal accepted by Hamas on Monday. Israeli forces seized the Rafah border crossing, sparking condemnation from Egypt, which has been mediating cease-fire talks. Chevron CEO Mike Wirth said prices have remained in a relatively stable band but risk remains to the upside for oil due to the war's proximity to the Strait of Hormuz — the most important global transit point for crude.
Persons: Mike Wirth Organizations: Chevron Locations: Rafah, Khan Yunis, Gaza, Egypt, Hormuz
Natural gas demand will likely outpace expectations as electricity consumption surges from artificial intelligence and data centers, Chevron CEO Mike Wirth told CNBC on Monday. "It's a little hard to quantify right now because this is evolving so quickly on the AI side," Wirth told CNBC's Sara Eisen at the Milken Institute's Global Conference in Los Angeles. "But I think demand for natural gas is likely to be higher than what people have been estimating up until now." Wirth said the move to electrify the nation's vehicle fleet, heating and manufacturing as well as the increase in demand from data centers will require reliable and affordable backup power generation. Wind and solar offer affordable power in some regions, but they still face challenges in generating enough electricity to meet peak demand because they rely on variable weather conditions, the Chevron CEO said.
Persons: Mike Wirth, Wirth, CNBC's Sara Eisen Organizations: Chevron, CNBC, Milken Institute's Global Conference Locations: Los Angeles
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO Mike Wirth: Demand for natural gas will be higher than expectedChevron CEO Mike Wirth joins 'Money Movers' to discuss the geopolitical risk to the oil sector, natural gas demand, and supply concerns.
Persons: Mike Wirth Organizations: Chevron
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO Mike Wirth on Q1 results: Highest first quarter production in company historyChevron chairman and CEO Mike Wirth joins 'Squawk on the Street' to discuss the company's quarterly earnings results, state of the pending Hess acquisition, oil price trends, demand outlook, and more.
Persons: Mike Wirth, Hess Organizations: Chevron
Cramer's Lightning Round: Leidos is a winner
  + stars: | 2024-03-28 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Stock Chart Icon Stock chart icon Core & Main's year-to-date stock performance. Stock Chart Icon Stock chart icon Pfizer's year-to-date stock performance. Stock Chart Icon Stock chart icon SFL's year-to-date stock performance. Stock Chart Icon Stock chart icon Leidos' year-to-date stock performance. Stock Chart Icon Stock chart icon KLA's year-to-date stock performance.
Persons: it's, They've, Leidos, that's, Mike Wirth's, I'm, It's Organizations: Pfizer, Chevron
New drilling technologies during the so-called Bakken Boom turned North Dakota into the nation's second-largest crude oil-producing state from 2012 to 2020. "This sale is a big deal in North Dakota," said Ron Ness, head of the North Dakota Petroleum Council, an industry trade group. "There's a sentimentality to this sale," said Kathy Neset, who runs a prominent North Dakota oil industry consulting firm and counts Hess as one of her largest clients. Chevron could take Bakken production higher than the output targeted by Hess in the future, said Matthew Bernstein, a senior analyst at Rystad Energy. Bakken oil production could drop to 1.15 million bpd from 2026 and be flat through 2030, before entering gradual decline as inventory exhaustion sets in, said Nathan Nemeth, a principal analyst at Wood Mackenzie.
Persons: Dado Ruvic, Hess, Boom, Mike Wirth, Wirth, Ron Ness, Kathy Neset, Matthew Bernstein, Bernstein, Jessie Jones, Jones, Nathan Nemeth, Wood Mackenzie, Stephanie Kelly, Ernest Scheyder, Marguerita Choy, Simon Webb Organizations: Chevron, Hess, REUTERS, Gulf Coast, Reuters Graphics Chevron, North Dakota Petroleum Council, Rystad Energy, Reuters Graphics Reuters, Energy, Thomson Locations: North Dakota, New Mexico, Gulf, Gulf Coast ., Midland, Texas
But a couple of the world’s largest oil companies beg to differ – or at least for the future that extends out about three decades. This month, Exxon Mobil and Chevron have together bet heavily on a future their CEOs think will still need a lot of black gold. Hess also has considerable oil and gas assets in the U.S., including the Bakken area of western North Dakota, eastern Montana and southern Saskatchewan in Canada. But equally critical, the moves are important statements that the age of oil remains, despite the release on Tuesday of the annual world energy outlook from the International Energy Agency that forecasts global demand for fossil fuels will peak in 2030. Although he has championed many green energy policies, President Joe Biden also has done little to block the advancement of domestic oil and gas production.
Persons: Hess, ” Chevron, “ Hess, , Dan Pickering, we’re, it’s, ’ –, Fatih Birol, Mike Wirth, , Pickering, Joe Biden Organizations: White, Exxon Mobil, Chevron, Natural Resources, Republican Party, “ Investors, Pickering Energy Partners, Hamas, International Energy Agency, Financial Times, French, U.S . Energy, Administration, Republicans Locations: Brussels, Chevron, U.S, Guyana, North Dakota, Montana, Saskatchewan, Canada, Texas, New Mexico, Saudi Arabia, Russia, Israel, Iran, Europe
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Chevron CEO Mike Wirth and Hess CEO John HessChevron CEO Mike Wirth and Hess CEO John Hess join 'Squawk on the Street' to discuss Chevron's deal to buy Hess for $53 billion in stock, the second proposed mega-merger among the biggest U.S. oil players after Exxon Mobil bid $60 billion for Pioneer Natural Resources earlier this month.
Persons: Mike Wirth, Hess, John Hess Chevron, John Hess Organizations: Chevron, U.S, Exxon Mobil, Natural Resources
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