Chevron’s CEO Mike Wirth discussed the company’s dual strategy of expanding fossil fuel operations and investing in low-carbon tech. Despite predictions of oil demand peaking, Wirth emphasized the need for ongoing investment to meet global energy needs, as the company pumps record oil volumes amidst downward price pressure.

Chevron plans to allocate $10 billion to lower-carbon initiatives, including hydrogen and renewable fuels. Wirth stressed the importance of meeting current economic demands while preparing for the future energy landscape. The company’s recent acquisition of Hess and headquarters move to Texas reflect a commitment to growth and adaptation in the industry.

Wirth highlighted Chevron’s values-driven corporate culture amid layoffs and the need for competitiveness in a changing market. He also praised the Trump administration’s policies supporting offshore drilling lease sales, positioning the company for continued success in the oil and gas sector.

Read more at Yahoo Finance: Chevron CEO Challenges IEA Predictions