First on CNBC: Excerpts: Chevron CEO Mike Wirth Speaks with CNBC's 'Squawk on the Street' Today
WHERE: CNBC's "Squawk on the Street"
Following are excerpts from the unofficial transcript of a CNBC interview with Chevron CEO Mike Wirth on CNBC's "Squawk on the Street" (M-F, 9AM-11AM ET) today, Friday, July 18. Following is a link to video on CNBC.com: https://www.cnbc.com/video/2025/07/18/chevron-ceo-on-hess-acquisition-were-very-pleased-the-transaction-has-now-closed.html.
All references must be sourced to CNBC.
WIRTH ON HESS ACQUISITION
MIKE WIRTH: We're very pleased that the transaction has now closed. Creates a premiere international oil and gas company with strongest upstream portfolio in the industry, highest cash margins on our upstream production, largest one of the largest producers both oil and gas in the United States. Largest leaseholder in the Gulf of America and industry leading free cash flow per share growth not just for the next couple of years, but into the next decade. So good for Chevron and also good for the industry.
WIRTH: This took a long time. It's unfortunate that Hess has shareholders, and employees have been put through this for nearly two years on something where in our view, the outcome was never in doubt. This was plain reading of a contract and the arbitration panel saw it that way. This could have been resolved much more quickly.
WIRTH ON CAPEX
WIRTH: It strengthens long-term cash flows for our company. It deepens our already deep resource position. We've had a very consistent track record of dividend increases 38 consecutive years, where we increased our dividend payout, share repurchases 18 of the last 22 years, record share repurchases the last two years. This provides the cash flow that will continue to support that. And we've got a very strong balance sheet. We've got AA credit rating, low net debt and this just creates an even stronger foundation upon to continue that track record.
WIRTH ON DEAL LOOKING BETTER
WIRTH: The deal looks better today at any price assumption than it did when we went into the deal two years ago. Hess' business has performed better than we assumed at that time. We've got a very strong view now on synergies. We've been prepared to integrate this. We'll be cash flow per share accretive by the end of this year. We'll deliver $1 billion in run rate synergies by the end of this year.
WIRTH ON PRODUCTIVITY IMPROVEMENTS
WIRTH: Everything from processing seismic data, which is massive volumes of data that we collect when we shoot 3D seismic that can take months and months for us to process. We're seeing the that processing time dramatically reduced and all the way through the life cycle of operations to retirement of assets. I think we'll see productivity improvements in efficiency improvements from technology that will be significant.
WIRTH ON TRUMP ADMINISTRATION
WIRTH: It's very different. We've got an administration that sees American energy as a resource, that wants to see investment in American energy, that wants to see American energy industry succeed. That is a big shift from where we've been.
WIRTH ON SUPPLIERS AND TARIFFS
WIRTH: The biggest challenge is in certain specialty inputs to our industry that are manufactured, and maybe 1 or 2 places in the world, and those tend to be outside of the US. It can raise the cost of those inputs. I think on a lot of the other inputs we've got over time, the ability to try to move sourcing to lower tariff countries or domestically sourced materials. But there are whether it's specialty grades of steel or specialty equipment, there are some things that we use in our industry that are made by 1 or 2 suppliers in the world.
WIRTH ON TRADE DISCUSSIONS
WIRTH: We've had long history in Indonesia. We've recently reduced our footprint over the last few years, but we work with the administration on a variety of things. Trade being one, AI, power for data centers being a second. So we're engaged in in discussions across the board. And I have to say this administration wants to hear from business. And whether it's the president himself or his cabinet secretaries, they proactively reach out and seek input on a regular basis.
WIRTH ON ECONOMY BEING IN A SOLID POSITION
WIRTH: I think the economy is in a solid position. And notwithstanding a lot of the uncertainty and some of the ups and downs that that we saw earlier this year, everything we see at a fundamental level remains very, very solid.
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