The David Rubenstein Show: Mike Wirth
Summary
TLDRIn this interview, Chevron CEO Mike Worth discusses the oil industry's cyclical nature, the impact of war in Ukraine on energy markets, and Chevron's strategy to transition to renewable energy. He addresses the misconception of energy companies being price-makers, the importance of a balanced approach to energy focusing on affordability, reliability, and environmental protection, and shares his vision for Chevron's future in a sustainable energy landscape.
Takeaways
- 📈 The energy industry, particularly oil companies, has been experiencing record profits and revenues, which has led to discussions about implementing a windfall profits tax.
- 💼 Mike Worth, CEO of Chevron, emphasizes that the industry is cyclical and a windfall profits tax could deter investment, potentially leading to less energy production and higher prices.
- 🌐 Chevron, under Worth's leadership, is focused on operating in a way that is mindful of the environment while also meeting the energy demands of a growing global population.
- 🔍 Worth discusses the importance of engaging with regulators and legislators to educate them on the economic realities and potential consequences of their decisions on the energy sector.
- 🚫 Chevron, like other energy companies, is often criticized for price gouging, but Worth counters this by stating that they are price takers in a global market and that the industry's returns on capital are modest.
- ⛽ The war in Ukraine has had a significant impact on energy markets, causing oil prices to rise. Worth suggests that once the conflict ends, market uncertainties and risks to supply will decrease, which could lead to lower energy prices.
- 🌿 Chevron is investing in renewable energy and lower carbon technologies as part of its strategy to transition towards a more sustainable energy future.
- 🌟 Worth highlights Chevron's acquisition of Renewable Energy Group, a leading producer of biodiesel and renewable diesel, as a strategic move to strengthen its renewable energy business.
- 🛑 The safety of offshore drilling has improved significantly, with Chevron and the industry as a whole working hard to prevent environmental disasters like past oil spills.
- 🏆 If Worth were to retire, he would hope to be remembered for strengthening Chevron's culture, prioritizing safety, and leaving the company in a better state than when he joined.
Q & A
What is the current state of the oil industry according to the interview?
-The oil industry is experiencing cyclical nature with record profits and revenues, which has led to suggestions of a windfall profits tax. However, the industry is also dealing with the impact of the war in Ukraine and the transition towards renewable energy.
Why did Chevron's CEO, Mike Worth, oppose the idea of a windfall profits tax?
-Mike Worth believes that a windfall profits tax would not encourage more supply and could potentially increase prices, as it did when President Carter tried to implement it in 1980. It resulted in less investment and production.
How does Chevron's CEO view his role when interacting with Washington regulators and legislators?
-Mike Worth sees his role as providing objective input to help regulators understand the potential consequences of their decisions, aiming to avoid unintended outcomes and assist in achieving their goals.
What is Chevron's stance on being labeled as 'gouging' by the U.S. President?
-Mike Worth disagrees with the characterization of energy companies as 'gouging'. He explains that the industry is one of price takers, not price makers, and that global commodity markets dictate prices.
How has the war in Ukraine affected Chevron and the energy market?
-The war has impacted energy markets by creating uncertainty and risk to supply, which has tightened the market. However, the industry was already facing challenges due to reduced investment levels during the pandemic and subsequent demand recovery.
What is Chevron's strategy for the future in terms of energy production?
-Chevron is focused on leveraging its strengths to deliver lower carbon energy. This includes reducing emissions from current oil and gas operations and investing in inherently lower carbon energy businesses like renewable fuels, hydrogen, carbon capture, and storage, and geothermal.
Why did Chevron acquire Renewable Energy Group, and what does it mean for the company's renewable strategy?
-Chevron acquired Renewable Energy Group to strengthen its renewable fuels business by combining their expertise in feedstock sourcing and manufacturing with Chevron's market positions and brand strength, especially in states that encourage renewable energy.
What is Chevron's position on the safety of offshore drilling and how has it improved over time?
-Chevron considers safety and environmental protection as top priorities. Offshore drilling safety has significantly improved due to better operating practices, equipment, and strict adherence to high regulatory standards.
How does Chevron's CEO perceive the public's view of energy companies, and what can be done to improve this image?
-Mike Worth acknowledges the challenge of being a large energy company and suggests engaging in a balanced conversation about the benefits of energy and the industry's efforts to reduce carbon impact while meeting the world's energy needs.
What are Mike Worth's personal ambitions and how does he view his legacy as Chevron's CEO?
-Mike Worth is committed to Chevron and the energy industry, with no ambitions outside of his current role. He hopes his legacy will be one of strengthening the company's culture, ensuring safety, and leaving the company in a better state than when he joined.
Outlines
💼 Insights on Leadership and Chevron's CEO Role
The paragraph introduces an investor's perspective on private equity and leadership, highlighting an interview with Chevron's CEO, Mike Worth. Worth discusses his journey from a young college graduate to the CEO of one of the world's largest energy companies, addressing the cyclical nature of the oil industry and the implications of a windfall profits tax. He also shares his views on engaging with regulators and legislators in Washington, emphasizing the importance of providing objective input to help them understand the consequences of their decisions.
🌐 Chevron's Global Impact and Energy Market Dynamics
This section delves into the state of the oil world, with a focus on Chevron's operations and the challenges faced by energy companies. Mike Worth explains how the industry is affected by factors like the war in Ukraine and the need for a balance between energy affordability, reliability, and environmental protection. He discusses Chevron's role in the global energy market, its production levels, and the company's strategy for dealing with market fluctuations and geopolitical issues.
🏭 Historical Milestones and Chevron's Evolution
The paragraph traces Chevron's history back to its founding in 1879 and its evolution through significant milestones, including the first commercial oil discovery in California and its expansion into the Middle East. It also covers the company's transformation over the years, reflecting on its long-standing presence in California and its contributions to the energy industry. The discussion highlights Chevron's commitment to innovation and its approach to meeting the world's energy needs.
🔧 Chevron's CEO Shares Personal and Professional Journey
In this segment, Mike Worth shares his personal background, from his birth in Los Alamos to his education in chemical engineering at the University of Colorado. He discusses his career path at Chevron, starting as a design engineer and moving through various roles, including marketing and operations, before becoming the CEO. Worth also talks about the support he receives from his predecessors and how their experiences and advice have been valuable to him, especially during crises like the COVID-19 pandemic.
🌱 Chevron's Commitment to Renewable Energy and Environmental Safety
The final paragraph focuses on Chevron's efforts to transition towards renewable energy and reduce its carbon footprint. Worth discusses the company's investments in renewable fuels, hydrogen, carbon capture, and storage, and geothermal energy. He also addresses the safety measures and technological advancements in offshore drilling to prevent environmental damages. Worth reflects on the public perception of energy companies and the importance of balancing energy affordability, reliability, and environmental protection. He concludes with his personal ambitions and what he hopes to achieve as Chevron's CEO, emphasizing safety, culture, and company improvement.
Mindmap
Keywords
💡Private Equity
💡Due Diligence
💡Windfall Profits Tax
💡Energy Security
💡Carbon Energy
💡Renewable Energy
💡CEO
💡Permian Basin
💡Gulf of Mexico
💡National Lab
💡Renewable Fuels
Highlights
The interviewee has been an investor for three decades and shares insights on leadership and success.
Discussion on the current state of the oil industry, with large oil companies experiencing record profits.
Mike Worth shares his journey from a young college graduate to becoming the CEO of Chevron.
The impact of the war in Ukraine on oil prices and the energy market is analyzed.
Chevron's stance on the proposed windfall profits tax and its potential effects on energy production.
The importance of engaging with regulators and legislators to understand the energy industry's economics.
Chevron's global presence with about 36,000 employees across a hundred different countries.
The company's daily oil production and its contribution to the United States' total oil production.
The role of technology in discovering new oil reserves and the exploration of the Gulf of Mexico.
Chevron's history, starting in 1879, and its evolution as a significant player in the energy sector.
The interviewee's personal career growth at Chevron, from design engineer to CEO.
Chevron's strategy to balance its traditional energy business with investments in renewable energy.
The acquisition of Renewable Energy Group and its alignment with Chevron's renewable fuels business.
The safety measures and precautions taken in offshore drilling to prevent environmental damage.
The challenges faced by energy companies in terms of public perception and the need for a balanced energy conversation.
The interviewee's personal interests and how he spends his time outside of work, emphasizing family activities.
The interviewee's reflections on his achievements as CEO and the legacy he hopes to leave at Chevron.
Transcripts
[Music]
this is uh my kitchen table and also my
filing system
over much of the past three decades I've
been an investor the highest calling of
mankind I've often thought was Private
equity and then I started interviewing
while I watch your interview because I
know how to do something I've learned in
doing my interviews how leaders make it
to the top I asked him how much he
wanted he said 250 I said fine I didn't
negotiate with him I did no due
diligence do I have something I'd like
to sell and how they stay there you
don't feel inadequate now because being
only the second wealthiest man in the
world is that right
[Applause]
about 40 years ago a young college
graduate Mike worth joined Chevron then
and now one of the largest energy
companies in the world today Mike worth
is the CEO of Chevron and dealing with
the multiple issues that an energy
companies have to deal with today
including renewable energy I sat down
with Mike Worth to talk about what it's
like to run Chevron today in the current
environment
[Music]
so tell me about the state of the oil
world right now it seems as if the large
oil companies are energy carbon energy
companies are doing quite well they have
record profits record revenues and as a
result of that some people in the white
house and other places have suggested a
windfall profit stack so is the industry
in such great shape that it can afford a
windfall profits tax well it's a
cyclical industry David we see prices go
up we see prices go down a windfall
profits tax is is not going to encourage
more Supply it's not likely to reduce
prices in fact it could do quite the
opposite President Carter try to win
fall profits tax in 1980 it was
rescinded several years later had
collected a lot less Revenue than was
expected and didn't result in more
investment it resulted in less
investment and less production so
normally if you want less of something
you tend to put more taxes on it you
want less smoking you tax cigarettes if
we want more energy production little
more Supply to bring prices down putting
taxes on on energy production is
probably not a good idea your current
job do you have to go to Washington to
talk to regulators and legislators and
do you find that an uplifting experience
to do that I do have to go to Washington
um uplifting is probably not the first
word that comes to mind I mean they're
they're detailed discussions and uh and
we need to help Regulators understand
the potential consequences of some of
the things they consider so we just say
that Washington by and large doesn't
really understand the economics of the
energy industry or they could learn a
little bit more than they know now
well I have empathy for people that sit
in these roles they have often broad
responsibilities and they may not have
personal expertise and depth in some of
the areas they're responsible for so I
view my job is to come in and try to
provide objective input and help them
understand the consequences of things
they're considering to avoid unintended
consequences and help achieve the goals
that they're looking to achieve so when
the president United States says energy
companies are gouging American people
you get to be used to this when you're
an energy executive more or less I
assume
uh you know don't like it but you
probably are accepting of it I I
disagree with uh that characterization I
don't think it's accurate
um this is a you know we're an industry
of price takers not price makers these
are global commodity markets and um and
prices go up prices come down uh we
allocate billions of dollars to Capital
our company does every year uh just two
years ago we were losing billions of
dollars uh as prices plummeted uh and so
uh through the cycle it's an industry
that generates the kind of 10 ish
Returns on Capital employed uh which is
uh I think by the standards of many
other Industries a pretty modest return
the war in Ukraine has driven oil prices
up I think it's fair to say um do you
think that that is a principal reason
why the major energy companies are doing
quite well because the supply has been
reduced because of the war in Ukraine
and do you think that when that war does
end eventually it will I assume uh it'll
have an impact on reducing Energy prices
in carbon areas
well the the war and the associated
actions have uh definitely had an impact
on energy markets but if you step back
uh and look at the the broader context
in 2020 uh we saw demand collapse with
the pandemic when the world uh really
locked down in fact companies in our
industry uh had to shut in Wells and
stop producing because there was no
place to store the oil that wasn't
needed by the market so investment
levels came down and that is the uh and
nobody knew how long this would last as
the economy recovered post the pandemic
we had vaccines demand returned
the industry's been struggling to keep
up with the rate of growth once again
and so the market was already in a
pretty tight situation before this War
Began I do think uh when eventually it's
resolved in all conflicts eventually are
resolved I think that uncertainty and
the risk to supply from one of the
world's largest suppliers will be
reduced and I think we'll see markets
reflect that a number of years ago oil
prices went as low as I think twenty
dollars a barrel
and when it was that low major oil
companies like I think Chevron and
others said we can't afford to drill
anymore in either let's say in Alaska
the North Sea other places because we
need to have oil at seventy dollars a
barrel to make drilling uh affordable
and profitable has that come back now
that oil prices are up are people now
Drilling in major projects around the
world to kind of get oil that's going to
take four or five or ten years to build
and and drill or is that not happening
again we're seeing some of that happen
again certainly what has really changed
in the last decade David is the uh what
we see in the US and the Permian Basin
but also in some other parts of this
country and in other countries now is
the ability to produce oil and gas from
a rock that is very very dense very hard
and historically has not been very
productive but with directional drilling
and the ability to to fracture these
formations now we're seeing the ability
to produce from areas that we couldn't
before and at prices that are are lower
than some of these very complex
difficult projects and so the need for
the uh the ultra deep water the Arctic
has been reduced as we see these other
resources come in at a lower cost so how
many employees does Chevron have about
36 000 in about a hundred different
countries and how much oil do you
produce a day a little bit over three
million barrels of oil equivalent per
day so mostly oil some gas and we
convert the units on the gas to give you
the energy equivalents about three
million barrels the United States
produces 10 million barrels a day or
something like that closer to 12. well
okay so you're producing about 25
percent of the oil produced in the
United States more or less as a company
you could say that our U.S production is
about 1.2 million barrels a day so we're
we're less than 10 percent of of U.S
production so right now the United
States is more or less energy sufficient
compared to let's say the 1960s or 7
these when we import a lot of oil I
think we produce we probably consume 10
to 12 million barrels a day closer to
20. we can we consume 20 million barrels
a day and we produce roughly your
sanctuell so we're importing the
equivalent of about eight million
barrels a day which is better than it
used to be where are we mostly importing
that from is it from OPEC countries
Canada
our neighbors are the are the largest uh
you know suppliers of oil I mean you
know you heard all remember all the
countries around the Keystone Pipeline
we're a big customer of Canada who's a a
large resource country right now how do
you get that oil down here there are
other pipelines that have been built uh
in in Years Gone by and sometimes it
flows by Rail and so it comes by ship
you can bring it down through pipelines
into ports along the west coast for
instance or into the Atlantic based and
bring it by ship so Canada is the
largest supplier and then other people
in the region and we we still bring some
oil to this country from the Middle East
but much less than we did back now so I
think there's much oil to be found in
the lower 48 at this point or even in
let's say Alaska as well or mostly we
know where all the oil is and there's no
more big Permian Basin kind of deposits
anywhere people have said that over time
and then we've always been surprised and
so the US has been explored more than
any other other place in the world I
think the industry has a good idea uh
but technology allows you sometimes to
recover things that you you haven't been
able to before that's the story of shale
uh the other one that continues to be a
positive story is uh Deepwater Gulf of
Mexico where we'll go out and drill in a
mile or more of water depth and then go
down several more miles six seven eight
miles into the Earth and uh and find
large large fields and the the Gulf of
Mexico is still relatively underexplored
compared to the onshore so I think
there's still room for for more
discoveries so when you're starting
there 40 years ago did you say I might
be the CEO someday or did you not think
that was realistic no I just hoped I
would last to the next two weeks to get
my next paycheck that would never give a
game plan foreign
[Music]
itself what is the roots of Chevron when
was Chevron created when did it start
founded in 1879 in Southern California
began as a company called Pacific Coast
oil company made the first commercial
Discovery in California in Pico canyon
in in Southern California
became part of the Rockefeller Standard
Oil trust in the latter part of the
1800s and then became standard role of
California when the Standard Oil trust
was broken up our headquarters and home
has always been in California we've been
around for 143 years and really a part
of the world's history made the first
discovery in the Middle East first
discovery of oil in Saudi Arabia among
other milestones and a long history of
of the world really reflected in our
company so if I go to a gasoline station
and want to get gasoline from my car is
there really a difference between the
oil that Chevron might be produced that
lays in the gasoline and one of your
competitors that gasoline is pretty much
all the same there are specifications
minimum standards that have to be met
for for the products and then what you
find is that different companies either
exceed those by more or less than others
and also we have special additives so we
have a wholly owned additive company
that manufacture is an additive called
Techron that has a very special
chemistry to keep engine parts clean and
as engines get more sophisticated as the
tolerances get thinner you can have
carbon deposits that can affect
performance in your cylinders your
injectors
Techron cleans that up better so if
you're driving along and you need gas
will you stop at an Exxon station or
you've got to keep going until you can
see in a Chevron station keep going
until I see a Chevron station let's talk
about your own background so how does
one become the CEO of Chevron tell us
where were you born
I was born in Los Alamos New Mexico my
dad worked at the National Lab and I
grew up in Colorado Golden Colorado and
you went to college where University of
Colorado and Boulder studied chemical
engineering and you said I want to work
in the energy world
I at the time uh you know chemical
Engineers could work in a number of
different Industries I had a summer
internship where I worked in a refinery
in the Denver area found the work
interesting I found the people
interesting and and had an offer to come
to the West Coast and work for standard
of California and it looked like a a fun
place to live and uh
place where I could do interesting work
basically this is the your only employer
since she graduated from college more or
less for 40 years the only employer so
when you're starting there 40 years ago
did you say I might be the CEO someday
or did you not think that was realistic
no I just hoped I would last to the next
two weeks to get my next paycheck that
would never give a game plan so what did
you do did you move around the world uh
over the course of your 40 years at
Chevron what did you do to kind of rise
up were you an uh operations person or
an expiration person A administrative
person started out as a design engineer
and worked on big projects so an oil
shale project not the type that we
developed today but the other kind of
oil shell you used to hear about
um
built a plant that you can't find any
trace of today worked on a facility in
California to help bring in oil from
offshore sold for pennies on the dollar
eventually a project in Africa that
never happened because of a civil war so
I began by specializing in spectacularly
unsuccessful projects and at some point
I said this doesn't look like a great
career path and so I moved into our
marketing business where I built gas
stations and replaced underground tanks
that were made of steel with ones that
were made of fiberglass so they wouldn't
leak and you you and I remember the old
Clickety clackety wheels that would spin
around on a gasoline pump I used to put
in the first electronic pumps back in
the day so these were smaller projects
but I could see the beginning the end I
started to understand the Commerce and
how the business worked and from there a
variety of roles primarily operating
roles across different businesses and
around the world when did you become the
CEO five years ago in 2018. now some
people might say that God looks
favorably upon the CEOs of energy
companies because he lets them live a
long time and a number of your
predecessors have lived quite a while
and and some of them you live in your
same area that you live in now does they
call you with advice all the time
actually I'm really fortunate David the
the three people have done my job
immediately preceding me each for
roughly a decade the the 1990s the 2000s
and the in the 20 teens uh live within a
few miles of where I live I see them
regularly we have lunch together and um
that's a plus in other words uh don't
they tell you you're doing this wrong or
doing that wrong that doesn't come up
well I get a lot of good advice and and
and you asked earlier about advice these
are people who have actually done my job
so I really I'm interested in their
advice they've lived through uh Wars uh
the fall of the Soviet Union terrorist
attacks Financial crises they've seen
oil markets go through gyration as
they've dealt with geopolitical surprise
cases and so their advice is really
valuable during covet the first first
thing I did was call each one of them
and say what lessons did you learn
during the crises you faced how do you
think I should handle things as we have
this pandemic unfolding so we have a
great relationship and I see them
regularly so you're still by my
standards very young and you've been the
CEO for five years so you could do it
for quite a while and still be young but
do you have any ambition to go into the
federal government as a Cabinet officer
or anything like that no
and to do anything other than the energy
industry would you have any other career
Ambitions or this is what you want to do
you know I love what I do I love the
company I work for and the people that I
work with and I don't have any ambition
to do anything other than a good job so
what do you do for relaxation
generally anything that involves family
so I have four children they're very
active in outdoor activities my wife is
a good golfer a good skier so you'll
find me on a golf course skiing scuba
diving fly fishing with family when I'm
not at work and any of your children in
the energy world no not even close okay
so are you a good golfer there's some of
you that if you have a low handicap
that's not good for being a CO because
it means you're spending too much time
on the golf course but I don't know
whether that's fair or not but are you a
scratch handicap golfer far from it my
wife is almost a scratch handicap golfer
I caddy for her in in big tournaments I
actually sometimes will take a couple of
vacation days and carry her golf bag so
that tells you who the better golfer is
in my house
[Music]
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thank you
large carbon energy companies seem to me
have a difficulty are they producing
large amounts of carbon energy which
people like to consume or are they
supposed to transition to being
renewable energy companies and what are
you doing for example to transition
yourself a bit to be on renewable
company well we're we're focused on
leveraging our strengths to deliver
lower carbon energy to a growing world
and what that means is in the near term
we can find ways and we are finding ways
to reduce the greenhouse gas impact of
the energy the world uses today so we're
reducing the emissions associated with
oil and gas that the world needs today
needs very very desperately and at the
same time we're building new lower
inherently lower carbon energy
businesses for tomorrow so things like
renewable fuels hydrogen carbon capture
and storage geothermal are all
Technologies we're investing in
businesses were growing that will play a
bigger role tomorrow and we're going to
need many solutions there is no one
there is no one ocean for this so in
2022 you bought a renewable energy
company for roughly I think three
billion dollars what was that about why
did you want to do that well we had a we
had a renewal renewable fuels business
ourselves uh this company Renewable
Energy group was one of the leading
producers of biodiesel and soon to be
renewable diesel in the United States
and they have
great capabilities in the feedstock
sourcing area and so in any fuels
business raw materials are a very
important part of the overall value
chain traditional petroleum products we
have deep expertise in the raw materials
sourcing for that in these products uh
you're talking about raw materials
they're like used cooking oil something
called distillers corn oil various Bean
oils from soybean and other agricultural
products these are markets that we don't
have a lot of experience in the Quality
Logistics commercial dimensions of those
markets are things that rural Energy
Group is very good at they have
manufacturing facilities and some
marketing we have big Market positions
and brand positions particularly in
States like California that encourage
this so the combination of the two makes
a more powerful renewable energy
business and today in renewable area
which is obviously a growth area do you
think that if you were going to make
more Acquisitions without giving away
inside information you're likely to do
more in the renewable area or in the
carbon area
you know it's an active field of
opportunity in both
for us it's really driven by strategy
asset quality value I mean the typical
things you would look at when you do a
deal but as I said over the last two
years we've done a big traditional
energy deal we've done a big renewable
acquisition I think in the years ahead
we'll probably do Acquisitions in both
of those spaces when President Nixon
took office shortly thereafter there was
an oil spill in Santa Barbara
and then under President Obama there was
an oil spill in the Gulf Horizon it was
I think a British Petroleum right now
when you're drilling offshore how safe
is it uh to be able to avoid those kind
of environmental damages and much better
than it used to be or greater
precautions than there used to be yeah
absolutely and um and and I think you
know the industry has uh continually
improved operating practices equipment
uh certainly The Regulators in the US
have very high standards very closely
with The Regulators on that in the
Advent of newer technologies have
continually made this safer and so these
are these are challenging difficult
operations in those kinds of pressures
water depths and environments but the
industry has a has a strong track record
today and you know there have been some
notable incidents over time but every
company in this industry works really
hard to to prevent those so um today do
you not worry about that kind of
offshore
drilling problems anymore because the
safety is pretty good compared to what
it used to be you know every day I get
up and I worry about safety and
protecting the environment are people
working a demanding business and it's a
highly technical activity we have very
talented people we've got very strict
protocols and standards to keep people
safe and keep the environment safe but
you can never take it for granted why do
you think it is that people love energy
but they don't love energy companies in
other words people in the United States
around the world consume enormous
amounts of oil and gas and the people
that's provided like Chevron don't seem
to be so popular why is that you know um
I don't know exactly why it is
um you know we're a big company the the
numbers are big uh sometimes big isn't
popular big energy big governments big
Tech maybe big private equities uh an
exception to that uh but you know they
were a big company we represent uh less
than two percent of global oil
production and so in the schema things
it's a very competitive market and we're
a relatively small player and I think uh
you know what's important uh to remember
is we need to have a balanced approach
to energy and that means we have to
focus on affordability because
affordable energy is really essential
for economic prosperity
uh reliable supply for National Security
because energy security and National
Security are linked and then protecting
the environment and I think as prices
get high and it gets less affordable you
find people that are upset and part of
that is because we we really haven't
necessarily been able to find the right
balance among those three and to improve
the overall image of the energy industry
is there something you think that the
CEOs or the companies can do to improve
the image so that people when they walk
down the street say wow Chevron has done
a great job for America today how is
that possible or just energy companies
just don't have that kind of likely
Public Image that's going to be so good
well I think what would help David is to
engage in this more balanced
conversation about the benefits of
energy we are a lot of people that have
um you know views on what some of the
consequences are of the use of energy
but as you say they've had made
advancements in the quality of life uh
uh you know possible that we wouldn't
have imagined uh you know two centuries
ago and um and I think as we go forward
it's absolutely likely that we find ways
to meet the needs of a growing world and
reduce the the carbon impact let's
suppose tomorrow you decided to retire
become a cabinet officer or something or
do something else what would you say you
have achieved as the CEO of Chevron that
you're most proud of
well I I would hope that um people would
say he he thought of others first he
strengthened the culture of our company
he kept people safe and made the company
a better company when he left than it
was when he found it
foreign
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