Chevron Chairman and CEO Mike Wirth was on “Sunday Morning Futures” with host Maria Bartiromo this weekend to discuss the impact of the war in Iran on global energy markets.
“I spoke with the Chairman and CEO of Chevron, Mike Wirth, on Friday,” Bartiromo said.
“The story of the quarter is one of consistent execution, strong production, and record US refinery throughput. We had assets around the world that ran at or near full capacity. We set a production record in the US at nearly 2.1 million barrels of oil equivalent per day,” Wirth said.
“We had record refinery throughput with runs greater than a million barrels a day, an all-time high here in the US, and several refineries set all-time records,” Wirth continued.
“All of that is critically important at a time when the world energy system has been stressed, and the need for supplies to markets and customers has never been higher,” Wirth explained.
“One of the highlights obviously was much higher oil prices, and Mike, that’s because of this war in Iran, and I want to get your take on that,” Bartiromo said.
“The last time we spoke, there were serious worries about security, about ships transporting through the Strait of Hormuz,” Bartiromo said.
“We have been investing to grow production and bring energy to the market,” Wirth said.
“The issues associated with the conflict in the Strait continue, and there are new developments each and every day,” Wirth continued.
“We now see not only the Strait of Hormuz, but the Red Sea and the Black Sea have risks and uncertainties, so some of the challenges have expanded,” Wirth explained.
“The risks to supply are very real. We’ve seen demand in the world remain pretty strong,” Wirth said.
“China is perhaps the unexpected part of the story in that they have been able to reduce their crude purchases, which has taken a little bit of the pressure off the demand side of the equation as supply has had these challenges and these risks,” Wirth explained.
“Has the Iran conflict permanently changed how you view geopolitical risk and energy security at this point?” Bartiromo asked.
“I’ve been in this industry for 44 years. We’ve seen conflicts in the Middle East. We’ve seen conflicts in other parts of the world that have created issues for our industry, and the industry responds. In the short term, with rerouting of supplies,” Wirth said.
Watch:
🚨 EXCLUSIVE: @Chevron Chairman & CEO #MikeWirth joined @MariaBartiromo to discuss the impact of the Iran conflict on global energy markets.
🗣️ “The situation remains somewhat fragile and uncertain.”
Wirth says ongoing risks in the Strait of Hormuz, the Red Sea, and the Black… pic.twitter.com/dZVbHMph3X
— SundayMorningFutures (@SundayFutures) August 2, 2026
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