Transcript: Chevron CEO Mike Wirth on "Face the Nation with Margaret Brennan," April 26, 2026

Key Points:

• Chevron CEO Mike Wirth described the current global energy crisis as unprecedented, highlighting significant supply disruptions, especially in the Strait of Hormuz, which handles about 20% of daily global oil flow, and the depletion of strategic reserves that usually buffer such shocks.
• Wirth emphasized the critical need for reopening the Strait of Hormuz to restore energy flows, noting that even if the strait reopened immediately, logistical challenges mean market normalization and price relief would take considerable time.
• He acknowledged ongoing risks to shipping safety in the region, including mines and attacks by Iran, and stressed that Chevron prioritizes the safety of its personnel and assets above pricing or insurance concerns, potentially requiring naval escorts for early transits.
• Wirth discussed the impacts of damaged infrastructure in the Middle East, including refineries and LNG facilities, predicting gradual and uneven recovery timelines ranging from weeks to years, with continued upward pressure and volatility on energy prices likely to persist.
• On U.S. energy policy, Wirth called for permitting reform to enable increased investment in energy infrastructure, expressed cautious optimism about bipartisan Congressional progress, and noted Chevron's ongoing engagement with the administration to address supply challenges and market stability amid the crisis.