Part 4/12:
Addressing concerns about fluctuating oil prices, notably below $60 per barrel, Wirth reassures that Chevron remains disciplined in its capital expenditures. The company adopts a long-term outlook, understanding that prices will cycle and that activity levels tend to contract when prices dip. Chevron's approach avoids reactive cuts; instead, it emphasizes predictability and strategic planning, recognizing that a balanced supply-demand dynamic ultimately influences prices. This disciplined stance ensures that technological innovations and production capabilities continue to expand despite short-term market volatility.