Mike Wirth

And I think the psychology of the market has been this is

closer to the end rather than the beginning.

We could hit the gas and begin to grow it again.

But I don't know what the future looks like.

For right now, I think it's really steady as she goes.

Exxon is sticking with its planned production growth.

Chevron is keeping output flat in the Permian Basin in the U.S.

and not chasing big expansion in Venezuela yet.

Here's Chevron CEO Mike Wirth.

Investors have been pushing companies to return money as dividends rather than sink it into new production.

Some smaller independent oil companies are making a different calculation.

Diamondbacks CEO in its earnings this week said, quote, if this isn't the time to grow now, then I don't know when it is.

Camila Dominovsky, NPR News.

20% of the world's energy supply flows through the Strait of Hormuz.

That's oil, that's liquefied natural gas, it's refined products, goes to Europe and Asia primarily, and both of those regions are seeing the impact of having that much cut off.

The U.S.

can't make up all of that supply.

Inventories in the system are being drawn down, and the supply situation is tightening, and that's a concern.

Chevron heading to West Texas where the oil giant will build its first AI data center power project.

The facility expected to be operational in 2027 as the energy company looks to capitalize on the boom in AI.