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CVX CEO Blames Western Governments for Global Energy Crisis
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Chevron Corporation’s (CVX - Free Report) CEO Mike Wirth, in a recent interview with Financial Times, blamed governments in the west for worsening the global oil and gas crisis. He stated that “doubling down” on climate policies by governments will make energy markets “more volatile, more unpredictable, more chaotic.”
Wirth also mentioned that the premature push to transition from fossil fuels caused “unintended consequences”, including the energy supply insecurity from crisis-hit Europe to California.
Despite substantial global investments in renewables in the last two decades, Wirth stated that fossil fuels account for about 80% of the global demand and that governments need to engage in honest conversations regarding the scale of energy woes.
“The conversation [about energy] in the developed world for sure has skewed towards climate, taking affordability and security for granted,” Wirth said in an interview at the company’s headquarters in San Ramon, CA. “The reality is, [fossil fuel] is what runs the world today. It’s going to run the world tomorrow and five years from now, 10 years from now, 20 years from now,” he said to Financial Times.
The oil giant’s top executive’s comments come as western governments’ climate commitments contradict an energy crisis as a result of Russia’s invasion of Ukraine. This has pushed up global inflation, with the possibility of a recession.
Moreover, CVX anticipates that high European prices for liquefied natural gas (LNG) will attract the majority of U.S. LNG exports in the short term. With Europe trying to find alternatives to Russian energy supplies, the demand for U.S. LNG has increased. The continent’s commitment to building import terminals and regasification facilities shows that the region's demand for U.S. exports could last.
Chevron is one of the largest publicly traded oil and gas companies in the world with operations spanning worldwide. The only energy component of the Dow Jones Industrial Average, Chevron is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing.
The Zacks Consensus Estimate for The Williams Companies’ 2022 earnings is pegged at $1.50 per share, which indicates an increase of 10.3% from the year-ago earnings of $1.36.
WMB beat estimates for earnings in all the trailing four quarters, the average being around 17.3%.
The Zacks Consensus Estimate for HF Sinclair’s 2022 earnings has been revised about 9.6% upward over the past 60 days from $13.12 per share to $14.38.
The consensus mark for DINO’s 2022 earnings is pegged at $14.38 per share, up 846.05% from the year-ago earnings of $1.52.
The Zacks Consensus Estimate for SilverBow’s 2022 earnings stands at $10.05 per share, up 56.5% from the year-ago earnings of $6.42.
SBOW beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 36%.
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CVX CEO Blames Western Governments for Global Energy Crisis
Chevron Corporation’s (CVX - Free Report) CEO Mike Wirth, in a recent interview with Financial Times, blamed governments in the west for worsening the global oil and gas crisis. He stated that “doubling down” on climate policies by governments will make energy markets “more volatile, more unpredictable, more chaotic.”
Wirth also mentioned that the premature push to transition from fossil fuels caused “unintended consequences”, including the energy supply insecurity from crisis-hit Europe to California.
Despite substantial global investments in renewables in the last two decades, Wirth stated that fossil fuels account for about 80% of the global demand and that governments need to engage in honest conversations regarding the scale of energy woes.
“The conversation [about energy] in the developed world for sure has skewed towards climate, taking affordability and security for granted,” Wirth said in an interview at the company’s headquarters in San Ramon, CA. “The reality is, [fossil fuel] is what runs the world today. It’s going to run the world tomorrow and five years from now, 10 years from now, 20 years from now,” he said to Financial Times.
The oil giant’s top executive’s comments come as western governments’ climate commitments contradict an energy crisis as a result of Russia’s invasion of Ukraine. This has pushed up global inflation, with the possibility of a recession.
Moreover, CVX anticipates that high European prices for liquefied natural gas (LNG) will attract the majority of U.S. LNG exports in the short term. With Europe trying to find alternatives to Russian energy supplies, the demand for U.S. LNG has increased. The continent’s commitment to building import terminals and regasification facilities shows that the region's demand for U.S. exports could last.
Chevron is one of the largest publicly traded oil and gas companies in the world with operations spanning worldwide. The only energy component of the Dow Jones Industrial Average, Chevron is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing.
Chevron currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space that warrant a look include The Williams Companies (WMB - Free Report) , HF Sinclair (DINO - Free Report) and SilverBow Resources (SBOW - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for The Williams Companies’ 2022 earnings is pegged at $1.50 per share, which indicates an increase of 10.3% from the year-ago earnings of $1.36.
WMB beat estimates for earnings in all the trailing four quarters, the average being around 17.3%.
The Zacks Consensus Estimate for HF Sinclair’s 2022 earnings has been revised about 9.6% upward over the past 60 days from $13.12 per share to $14.38.
The consensus mark for DINO’s 2022 earnings is pegged at $14.38 per share, up 846.05% from the year-ago earnings of $1.52.
The Zacks Consensus Estimate for SilverBow’s 2022 earnings stands at $10.05 per share, up 56.5% from the year-ago earnings of $6.42.
SBOW beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 36%.