Name: Chevron CEO on Operating in Venezuela Amid US-Maduro Tensions
Uploaded: 2025-12-19T12:00:00Z
Duration: 2 min 38 s
Description: Chevron CEO Mike Wirth explains why the company—the only U.S. energy firm still operating in Venezuela—is maintaining its presence despite escalating tensions. Recorded on Dec. 9, 2025.

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Chevron CEO Mike Wirth explains why the company—the only U.S. energy firm still operating in Venezuela—is maintaining its presence despite escalating tensions. Recorded on Dec. 9, 2025. Photo: Sean T. Smith for the WSJ Leadership Institute

https://m.wsj.net/video/20251211/4f8771ca-71bc-4180-9e96-bd087281d424/1/hls/manifest-hd-wifi.m3u8

Chevron CEO Mike Wirth explains why the company—the only U.S. energy firm still operating in Venezuela—is maintaining its presence despite escalating tensions. Recorded on Dec. 9, 2025.

Chevron CEO on Operating in Venezuela Amid US-Maduro Tensions

Alan: Would you say the current president's views are more closer to your own?

Well, the current president is a believer in American energy abundance as a source of economic strength and national security.

Alan: But he also believes climate change is a joke.

He's been a skeptic on the seriousness of climate change.

I would say it's a little further, more than skepticism.

But look, he's a believer in American energy. He's actually a supporter, really, of all energy. He's not a big fan of wind, I guess, I would say. But, you know, I think he wants to see America strong. And this country's blessed with energy resources that are the envy of most of the other countries.

Alan: Do you talk to him regularly?

I speak to him. I don't know I'd say regularly, but I do speak to him, yes.

Alan: Do you feel you're listened to when you speak to him?

Yes. Yeah, the president does listen, absolutely.

Venezuela is another area, you know, we seem to be approaching almost war with Venezuela. Venezuela is a country very important to Chevron, and Chevron has a major interest there. Have you talked to him about that?

I have spoken to him about Venezuela, not recently. But we've operated in Venezuela for most of the last 100 years. We're the only American company still operating in the country. So, I've got employees down there. I've got to be concerned about their safety. Venezuelan crude oil is highly desired by US refineries, and so we bring some of that to US refineries.

But some people say that operation is Maduro's lifeline, provides him.

Yeah, the sanctions that we operate under, and have been for a long time, restrict payments to the Venezuelan government. They're very restrictive in terms of what we can do in terms of activity.

The money's not supporting the government in any way?

No, we're not allowed to pay taxes or royalties with the revenue that we generate from crude sales to our customers.

If this escalates, could you imagine a situation where you're forced to withdraw from Venezuela?

You know, we've had conversations with both the prior administrations about the importance of having an American presence on the ground there to try to maintain some continuity through political cycles, which, in our business, we don't choose where the resource is. And so we have to live through, we don't pick governments. We work with the governments in the countries where we operate. And if we left every time we had a disagreement with a government, we would be leaving everywhere, including this country.

The WSJ Leadership Institute Presents: Leaders. A new podcast series bringing you revealing conversations with top executives shaping business today. Hosted by Alan Murray, president of the WSJ Leadership Institute, the series goes beyond headlines to explore how leadership really works in times of upheaval, transformation, and uncertainty. Our first episode was released Monday, Sept. 22, at 5:00 a.m. ET, with new episodes every other Monday.