Chevron CEO Points to ‘Difficult Decisions’ by Competitors to Leave Russia

Chevron CEO Michael Wirth also stressed the importance for world oil supply of the Caspian pipeline consortium, operator of an oil line that moves crude from Russia and Kazakhstan and in which Chevron holds a 15% interest.

Sabrina Valle, Reuters

Chevron Corp. CEO Michael Wirth on March 1 expressed concern over the “tragic situation” unfolding in Ukraine, forcing oil companies to make “very difficult decisions” on continued operations in Russia.

Wirth touched on the growing awareness of the need for additional oil and gas supplies, worries over cyberattacks against the oil industry and rapidly rising fuel prices in remarks to Wall Street analysts and reporters.

The company’s annual investor outlook came as oil markets were rattled by Russia’s attacks on Ukraine and rivals BP Plc, Shell Plc and Equinor halting or abandoning Russian business ventures and investments.

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