1 00:00:00,560 --> 00:00:03,600 Speaker 1: We welcome now our Bloomberg TV and radio audiences. Today 2 00:00:03,680 --> 00:00:07,120 Speaker 1: we're focused on oil, as Brent Near's ninety five dollars 3 00:00:07,200 --> 00:00:09,720 Speaker 1: a barrel. No better guest to discuss that with than 4 00:00:09,760 --> 00:00:13,600 Speaker 1: Mike Worth, Chevron chairman and CEO joins us now. Mike, 5 00:00:13,680 --> 00:00:14,960 Speaker 1: it's such a pleasure to see you. 6 00:00:14,960 --> 00:00:16,880 Speaker 2: Thanks for joining, Alex, It's good to be here. 7 00:00:16,960 --> 00:00:18,080 Speaker 1: Okay, hunder our oil? 8 00:00:18,440 --> 00:00:19,200 Speaker 2: Is that going to happen? 9 00:00:20,000 --> 00:00:22,280 Speaker 3: Sure looks like it. We're certainly moving in that direction. 10 00:00:23,079 --> 00:00:28,600 Speaker 3: The momentum, you know, supply is tightening, inventories are drawing. 11 00:00:28,640 --> 00:00:32,360 Speaker 3: These things happen gradually, concealed building, and so I think 12 00:00:32,479 --> 00:00:37,080 Speaker 3: the you know, the trends would suggest that we're certainly 13 00:00:37,080 --> 00:00:37,479 Speaker 3: on our way. 14 00:00:37,520 --> 00:00:38,200 Speaker 2: We're getting close. 15 00:00:39,840 --> 00:00:41,880 Speaker 4: Mike, good morning, It's guy in London. What impact do 16 00:00:41,880 --> 00:00:44,239 Speaker 4: you think a hundred bucks a barrel will have on 17 00:00:44,280 --> 00:00:46,920 Speaker 4: the US economy? What impact will I have on the 18 00:00:46,920 --> 00:00:47,800 Speaker 4: global economy? 19 00:00:48,840 --> 00:00:52,239 Speaker 3: Well, certainly those are higher prices than you know, we 20 00:00:52,320 --> 00:00:54,920 Speaker 3: tend to see out over the long term, and so 21 00:00:55,000 --> 00:00:58,480 Speaker 3: I think it will have some effect on the economy. 22 00:00:58,520 --> 00:01:01,240 Speaker 3: But you know, we've had relative lee higher oil prices 23 00:01:01,280 --> 00:01:04,800 Speaker 3: here now for most of this year, and certainly all 24 00:01:04,840 --> 00:01:08,120 Speaker 3: of last year. The recession that everyone's been talking about 25 00:01:08,160 --> 00:01:12,800 Speaker 3: hasn't arrived, and so I think the underlying drivers of 26 00:01:12,840 --> 00:01:16,480 Speaker 3: the economy in the US and frankly globally remain pretty healthy. 27 00:01:16,640 --> 00:01:19,560 Speaker 3: So I think it's a drag on the economy, but 28 00:01:20,640 --> 00:01:22,680 Speaker 3: one that thus far, I think the economy has been 29 00:01:22,680 --> 00:01:23,720 Speaker 3: able to tolerate. 30 00:01:24,520 --> 00:01:28,160 Speaker 1: Have you adjusted your price neck? Meaning that's my question 31 00:01:28,240 --> 00:01:29,959 Speaker 1: being like, are these higher prices sustainable for. 32 00:01:29,880 --> 00:01:30,280 Speaker 2: The long term? 33 00:01:30,319 --> 00:01:35,039 Speaker 3: Yeah, we take a very long term view on supply demand, policy, technology. 34 00:01:35,280 --> 00:01:39,240 Speaker 3: We haven't changed our long term price, but we really 35 00:01:39,280 --> 00:01:42,240 Speaker 3: don't change that very often, and not in response to it. 36 00:01:42,280 --> 00:01:42,759 Speaker 2: Are short. 37 00:01:43,120 --> 00:01:45,840 Speaker 3: We've been in a volatile market, really going back to 38 00:01:45,880 --> 00:01:48,120 Speaker 3: the pandemic when things came down to the recovery, when 39 00:01:48,120 --> 00:01:51,200 Speaker 3: it was high the war. So this has been a 40 00:01:51,240 --> 00:01:54,600 Speaker 3: period of time where prices have been unpredictable, involatile, and 41 00:01:54,680 --> 00:01:56,040 Speaker 3: not what you would call mid cycle. 42 00:01:57,800 --> 00:02:01,520 Speaker 4: Mike, if I worked for you, I worked for Mike Worth, 43 00:02:01,640 --> 00:02:03,880 Speaker 4: and I work for Chefron, would this be my cue 44 00:02:03,880 --> 00:02:06,520 Speaker 4: to say, Mike, can I have a pay rise please? 45 00:02:07,920 --> 00:02:10,359 Speaker 3: Well, we're certainly seeing I think you're making a reference 46 00:02:10,400 --> 00:02:12,480 Speaker 3: to what's going on in different parts of the world. 47 00:02:12,520 --> 00:02:17,040 Speaker 3: We're seeing organized labor you know, in many different industries 48 00:02:17,120 --> 00:02:21,359 Speaker 3: now kind of assertively step forward and say, look, we 49 00:02:22,280 --> 00:02:25,480 Speaker 3: want to be compensated. We see the inflation in the 50 00:02:25,520 --> 00:02:30,320 Speaker 3: economy and we've seen companies recover. We've had a very 51 00:02:30,360 --> 00:02:32,960 Speaker 3: strong pay program last year for our employees. We try 52 00:02:33,000 --> 00:02:36,120 Speaker 3: to stay very competitive and I would expect we'll continue 53 00:02:36,160 --> 00:02:36,520 Speaker 3: to do so. 54 00:02:36,720 --> 00:02:38,639 Speaker 1: That is Guy's way of getting into the strike action 55 00:02:38,680 --> 00:02:41,919 Speaker 1: that's happening in Australia, Gorgon and Weedstone. So so far 56 00:02:42,080 --> 00:02:44,200 Speaker 1: cargoes have not yet been impacted. You're using some non 57 00:02:44,280 --> 00:02:47,480 Speaker 1: union workers, right, Is there a point where that would change? 58 00:02:48,000 --> 00:02:50,880 Speaker 3: Well, we certainly hope that what we'll see is a 59 00:02:50,960 --> 00:02:55,200 Speaker 3: negotiated agreement. Others in Australia have reached agreement with these unions. 60 00:02:55,240 --> 00:02:57,320 Speaker 3: We've been at the table bargaining in good faith and 61 00:02:58,000 --> 00:03:02,040 Speaker 3: that's our desired outcome. That said, when we face potential 62 00:03:02,080 --> 00:03:04,360 Speaker 3: strikes anywhere in the world, we have to prepare to 63 00:03:04,400 --> 00:03:08,920 Speaker 3: maintain operations. Our products are vital to the global economy 64 00:03:08,919 --> 00:03:10,959 Speaker 3: and the flow of those commodities, particularly al in g 65 00:03:11,120 --> 00:03:12,799 Speaker 3: in the world, as we've seen last year, where it's 66 00:03:12,800 --> 00:03:16,720 Speaker 3: important to keep economies going, not just in the region 67 00:03:16,840 --> 00:03:20,520 Speaker 3: in Australasia, but also in Europe. That's our responsibility, and 68 00:03:20,560 --> 00:03:23,160 Speaker 3: so we do prepare to maintain operations even during an 69 00:03:23,240 --> 00:03:27,040 Speaker 3: industrial action, and thus far we've been able to successfully 70 00:03:27,040 --> 00:03:28,720 Speaker 3: do so in Australia. 71 00:03:29,080 --> 00:03:30,760 Speaker 4: Do you think if I'm sitting here in Europe, I 72 00:03:30,800 --> 00:03:32,799 Speaker 4: should worry about what's happening here? Is this going to 73 00:03:32,840 --> 00:03:33,920 Speaker 4: be a problem when we get to win? 74 00:03:34,000 --> 00:03:37,080 Speaker 3: So do you think, Mike, Well, last winter Europe came 75 00:03:37,120 --> 00:03:40,440 Speaker 3: through better than I think most thought guy. Now, inventories 76 00:03:40,440 --> 00:03:42,640 Speaker 3: were high going into the winter because Russian gas had 77 00:03:42,680 --> 00:03:45,800 Speaker 3: been flowing in, industrial demand really came off, and then 78 00:03:45,800 --> 00:03:49,120 Speaker 3: it was a relatively mild winter. We certainly can't count 79 00:03:49,480 --> 00:03:53,120 Speaker 3: on all of those things happening again, but gas inventories 80 00:03:53,120 --> 00:03:56,520 Speaker 3: in Europe are pretty strong right now relative to history, 81 00:03:56,800 --> 00:03:59,280 Speaker 3: and so I would say Europe is set up much 82 00:03:59,360 --> 00:04:03,040 Speaker 3: better than it was last year. The weather is always 83 00:04:03,160 --> 00:04:07,680 Speaker 3: difficult to predict, but I feel like Europe is about 84 00:04:07,720 --> 00:04:09,200 Speaker 3: as good a place as it could hope to be 85 00:04:09,880 --> 00:04:10,800 Speaker 3: at this point in time. 86 00:04:10,880 --> 00:04:13,200 Speaker 1: That's one of the weird things about looking at China growth, 87 00:04:13,240 --> 00:04:15,760 Speaker 1: because obviously Europe wants China growth, but the energy sector 88 00:04:15,800 --> 00:04:18,080 Speaker 1: probably doesn't want China growth. If you're in Europe because 89 00:04:18,080 --> 00:04:20,840 Speaker 1: of the demand pole, are you what are you noticing 90 00:04:20,839 --> 00:04:23,160 Speaker 1: in China, whether it's ellen gear oil demand pole. 91 00:04:23,200 --> 00:04:24,440 Speaker 2: Well, it's been gradual. 92 00:04:24,520 --> 00:04:26,840 Speaker 3: It's been slower than people expected it to be, but 93 00:04:27,080 --> 00:04:29,720 Speaker 3: it is coming back, and I think that's one of 94 00:04:29,760 --> 00:04:32,159 Speaker 3: the reasons why you've seen crude oil prices tightening. 95 00:04:32,240 --> 00:04:34,479 Speaker 1: Is that inventory restocking you think, or is that endians 96 00:04:34,560 --> 00:04:35,600 Speaker 1: or demand Always. 97 00:04:35,360 --> 00:04:36,240 Speaker 2: A little bit hard to tell. 98 00:04:36,279 --> 00:04:39,720 Speaker 3: The data out of China isn't exactly as transparent as 99 00:04:39,760 --> 00:04:41,919 Speaker 3: it is in other parts of the world, but I 100 00:04:41,920 --> 00:04:46,040 Speaker 3: think it's probably indicative of an economy that is finding 101 00:04:46,080 --> 00:04:49,320 Speaker 3: some traction and is moving forward. We're going to see 102 00:04:49,320 --> 00:04:52,400 Speaker 3: record oil demand this year, all time record demand right 103 00:04:52,520 --> 00:04:54,640 Speaker 3: up a couple million barrels a day versus the prior year. 104 00:04:54,680 --> 00:04:57,880 Speaker 3: It'll grow again in the year ahead, and so as 105 00:04:57,920 --> 00:05:01,000 Speaker 3: long as the global economy stays relative healthy, demand for 106 00:05:01,040 --> 00:05:04,440 Speaker 3: these products steadily marches forward. 107 00:05:05,960 --> 00:05:08,440 Speaker 4: Mike, you've mentioned inflation a couple of times already in 108 00:05:08,440 --> 00:05:11,599 Speaker 4: the conversation. Are you still seeing inflation? Are you starting 109 00:05:11,640 --> 00:05:14,160 Speaker 4: to see deflation in certain areas? What does the cost 110 00:05:14,200 --> 00:05:15,320 Speaker 4: side of the equation look like. 111 00:05:15,720 --> 00:05:19,719 Speaker 3: Yeah, so we've certainly planned for inflation. What we're experiencing 112 00:05:19,800 --> 00:05:22,479 Speaker 3: is consistent with how we laid out our budgets for 113 00:05:22,560 --> 00:05:26,000 Speaker 3: this year. I wouldn't say we're seeing deflation anywhere in 114 00:05:26,040 --> 00:05:29,920 Speaker 3: a meaningful way. Maybe seeing disinflation, right, So a reduction 115 00:05:30,000 --> 00:05:32,520 Speaker 3: in the rate of inflation, and it tends to be 116 00:05:32,680 --> 00:05:37,760 Speaker 3: isolated to certain parts of our supply chain, certain geographies, 117 00:05:37,760 --> 00:05:40,839 Speaker 3: a little bit more than something you would describe as widespread. 118 00:05:41,279 --> 00:05:45,240 Speaker 3: I think wage pressure is pretty broadly distributed. Other things 119 00:05:45,240 --> 00:05:48,080 Speaker 3: in our supply chains tend to be focused in areas 120 00:05:48,080 --> 00:05:50,240 Speaker 3: where there's a lot of activity, like West Texas and 121 00:05:50,520 --> 00:05:52,720 Speaker 3: the Permian basin, which has seen a little more pressure 122 00:05:52,880 --> 00:05:54,240 Speaker 3: than some other parts of the world. 123 00:05:54,720 --> 00:05:58,320 Speaker 1: Yeah, So to that point, can you increase USHL for 124 00:05:58,320 --> 00:06:01,760 Speaker 1: a second the Permian? Can you increase productivity enough to 125 00:06:01,880 --> 00:06:04,520 Speaker 1: offset those costs when a lot of your spending in 126 00:06:04,560 --> 00:06:05,839 Speaker 1: the next thing ten years will. 127 00:06:05,720 --> 00:06:08,600 Speaker 3: Be in us AL That is the big question right 128 00:06:08,640 --> 00:06:11,080 Speaker 3: now that we're confronting as we're putting our plans together 129 00:06:11,160 --> 00:06:13,960 Speaker 3: going forward. Thus far, that has been the case, and 130 00:06:14,000 --> 00:06:16,839 Speaker 3: in fact, productivity at a time what we saw lower 131 00:06:16,880 --> 00:06:20,080 Speaker 3: inflation was marching for much faster than cost worth, which 132 00:06:20,120 --> 00:06:22,919 Speaker 3: is why we saw cost of production coming down. I 133 00:06:22,920 --> 00:06:25,440 Speaker 3: think those are coming into more of a balance today, 134 00:06:25,480 --> 00:06:28,840 Speaker 3: and I think the forward view the question is can 135 00:06:28,880 --> 00:06:32,919 Speaker 3: you continue to move up that productivity ramp and offset 136 00:06:32,960 --> 00:06:33,680 Speaker 3: inflation or not. 137 00:06:34,000 --> 00:06:35,080 Speaker 2: I think it's early to say. 138 00:06:35,120 --> 00:06:37,880 Speaker 3: The one thing that is sometimes not talked about in 139 00:06:37,880 --> 00:06:40,880 Speaker 3: this discussion, we've seen a lot of productivity gains on 140 00:06:41,000 --> 00:06:45,479 Speaker 3: drilling and completions. We're still only recovering about ten percent 141 00:06:45,480 --> 00:06:47,760 Speaker 3: of the molecules that are in place. If we can 142 00:06:47,800 --> 00:06:52,080 Speaker 3: improve recoveries, that changes the entire economic equation in a 143 00:06:52,279 --> 00:06:54,839 Speaker 3: very profound way. We're working hard on that. We expect 144 00:06:54,880 --> 00:06:58,640 Speaker 3: to see recoveries improve over time. So it's another leg 145 00:06:58,800 --> 00:07:02,600 Speaker 3: of that equation, which is not necessarily productivity on the activity, 146 00:07:02,880 --> 00:07:04,960 Speaker 3: but it is on the recovery in the economic equation. 147 00:07:05,120 --> 00:07:07,800 Speaker 1: What is that is that three plus mile laterals? Is 148 00:07:07,839 --> 00:07:11,320 Speaker 1: it going to be different types of enhanced oil recovery 149 00:07:11,400 --> 00:07:13,480 Speaker 1: like what's the super supermagic sauce fare. 150 00:07:13,560 --> 00:07:15,080 Speaker 2: Yeah, we're working a lot of different things. 151 00:07:15,080 --> 00:07:18,160 Speaker 3: We're certainly drilling longer telling me we're drilling longer laterals. 152 00:07:18,160 --> 00:07:21,480 Speaker 3: We're working on different completion technology to create different fractured 153 00:07:21,520 --> 00:07:23,119 Speaker 3: geometry so you can get more flow. 154 00:07:23,200 --> 00:07:24,360 Speaker 2: Does that all cost more money? Though? 155 00:07:24,400 --> 00:07:26,520 Speaker 3: To do it does? And so that's why you've got 156 00:07:26,520 --> 00:07:29,600 Speaker 3: to evaluate the economics of this. We're working on chemicals 157 00:07:29,600 --> 00:07:33,080 Speaker 3: that can enhance recovery in terms of the interaction right 158 00:07:33,120 --> 00:07:36,120 Speaker 3: down at a molecular level, and all these things. You 159 00:07:36,640 --> 00:07:38,080 Speaker 3: have to pile them in a lab, you have to 160 00:07:38,080 --> 00:07:39,880 Speaker 3: pilot them in the field. You have to understand if 161 00:07:39,920 --> 00:07:42,640 Speaker 3: you can scale them up and if they make economic sense. 162 00:07:42,880 --> 00:07:45,320 Speaker 3: That's been the history of our industry. The technology tends 163 00:07:45,360 --> 00:07:47,360 Speaker 3: to solve these things. We got a lot of smart 164 00:07:47,360 --> 00:07:50,080 Speaker 3: people in our company and in this industry, and a 165 00:07:50,120 --> 00:07:52,360 Speaker 3: lot of incentive when you know where those molecules are 166 00:07:52,400 --> 00:07:53,760 Speaker 3: to figure out how to get them to flow in 167 00:07:53,800 --> 00:07:54,720 Speaker 3: a way that's economic. 168 00:07:56,960 --> 00:07:59,040 Speaker 4: I said to Alex this morning, Mike that she wasn't 169 00:07:59,040 --> 00:08:00,960 Speaker 4: allowed to use any technical and I think you guys 170 00:08:01,160 --> 00:08:04,080 Speaker 4: just about skirted around it in that part of a conversation. 171 00:08:04,840 --> 00:08:06,480 Speaker 4: We were fine, You were fine. You get a pass 172 00:08:06,560 --> 00:08:07,320 Speaker 4: on that one. 173 00:08:07,680 --> 00:08:07,880 Speaker 2: Mike. 174 00:08:08,040 --> 00:08:09,280 Speaker 4: You talk about the fact that you've got lots of 175 00:08:09,320 --> 00:08:12,160 Speaker 4: smart people, do you have lots of smart lawyers. One 176 00:08:12,200 --> 00:08:13,680 Speaker 4: of the things that Alex and I were kicking around 177 00:08:13,720 --> 00:08:16,200 Speaker 4: before we spoke to you this morning was what is 178 00:08:16,240 --> 00:08:19,160 Speaker 4: happening with this California case and the fact that increasingly 179 00:08:19,760 --> 00:08:22,000 Speaker 4: it looks like climate change is going to be litigated. 180 00:08:22,640 --> 00:08:24,840 Speaker 4: Is litigation the right way of dealing with this? 181 00:08:26,120 --> 00:08:27,120 Speaker 2: In a word, no, it's not. 182 00:08:27,760 --> 00:08:31,520 Speaker 3: Look, this is one of many such actions that we've 183 00:08:31,520 --> 00:08:36,600 Speaker 3: seen over the years. Ironically, a number of them on 184 00:08:36,720 --> 00:08:39,120 Speaker 3: filed on behalf of people who have actually profited from 185 00:08:39,160 --> 00:08:41,600 Speaker 3: and encourage energy development. 186 00:08:42,160 --> 00:08:44,120 Speaker 2: Climate change is a global issue. 187 00:08:44,480 --> 00:08:48,480 Speaker 3: It calls for a coordinated global policy response, not piecemeal 188 00:08:48,520 --> 00:08:55,120 Speaker 3: litigation that benefits attorneys and politicians. So will we do 189 00:08:55,240 --> 00:08:58,760 Speaker 3: have smart lawyers. We will deal with the lawsuits. But 190 00:08:58,760 --> 00:09:02,280 Speaker 3: more importantly, we're working on finding ways to meet today's 191 00:09:02,360 --> 00:09:05,840 Speaker 3: energy demand with energy that has less carbon intensity and 192 00:09:06,080 --> 00:09:09,160 Speaker 3: still is affordable and reliable for the economy, even as 193 00:09:09,160 --> 00:09:12,920 Speaker 3: we're investing in new technologies like renewable fuels and hydrogen 194 00:09:13,320 --> 00:09:16,640 Speaker 3: and carbon capture to build a new energy system over 195 00:09:16,679 --> 00:09:18,560 Speaker 3: time that is inherently lower carbon. 196 00:09:18,840 --> 00:09:21,280 Speaker 2: That's a constructive approach. That's where we're engaged. That's where 197 00:09:21,280 --> 00:09:22,720 Speaker 2: most of my attention is focused. 198 00:09:22,840 --> 00:09:24,840 Speaker 1: Okay, so to this point, you guys are going to 199 00:09:24,840 --> 00:09:27,400 Speaker 1: become majority owner in what could be the world's largest 200 00:09:27,440 --> 00:09:29,360 Speaker 1: hydrogen production and storage facility. 201 00:09:29,720 --> 00:09:30,200 Speaker 2: There's that. 202 00:09:30,720 --> 00:09:33,040 Speaker 1: You do have a huge carbon capture facility next to 203 00:09:33,080 --> 00:09:37,960 Speaker 1: Gorgon in Australia, etc. These things are huge and they're expensive, 204 00:09:38,080 --> 00:09:39,440 Speaker 1: and some have been around for a while. 205 00:09:39,559 --> 00:09:40,560 Speaker 2: Hydrogen, though, is new. 206 00:09:40,679 --> 00:09:44,199 Speaker 1: How do you know how much capex to realistically allocate 207 00:09:44,280 --> 00:09:45,880 Speaker 1: before you're like, this is too big and it's a 208 00:09:45,960 --> 00:09:47,680 Speaker 1: money suck. How do you see this playing out? 209 00:09:47,760 --> 00:09:47,920 Speaker 2: Well? 210 00:09:47,920 --> 00:09:50,400 Speaker 3: It requires a lot of judgment. You have to spend time, 211 00:09:50,400 --> 00:09:52,800 Speaker 3: You have to really select. There are many opportunities out there. 212 00:09:52,840 --> 00:09:55,000 Speaker 3: There's a lot of hydrogen, for example. There are a 213 00:09:55,040 --> 00:09:56,960 Speaker 3: lot of places you can invest in hydrogen. You can 214 00:09:57,000 --> 00:09:59,400 Speaker 3: invest in blue hydrogen, you can invest in green hydrogen. 215 00:09:59,440 --> 00:10:03,720 Speaker 3: There's different carbon intensities, there's different technology pathways. We've got 216 00:10:03,760 --> 00:10:07,280 Speaker 3: an entire organization that spends all its time working on 217 00:10:07,320 --> 00:10:11,800 Speaker 3: the technical, the commercial, the practical engineering realities of these 218 00:10:11,840 --> 00:10:15,000 Speaker 3: things and looks to find the best places to start. 219 00:10:15,920 --> 00:10:19,120 Speaker 3: Certainly in the US, we've seen some policy through the 220 00:10:19,920 --> 00:10:24,079 Speaker 3: IRA which creates incentives. Those aren't intended to last forever, 221 00:10:24,160 --> 00:10:26,000 Speaker 3: but they can help prime the pump as we bring 222 00:10:26,000 --> 00:10:29,160 Speaker 3: the technology costs down. The project you referenced is a 223 00:10:29,200 --> 00:10:32,400 Speaker 3: project in Utah, which is actually very economic today. 224 00:10:33,080 --> 00:10:35,600 Speaker 2: We'll take surplus renewable. 225 00:10:35,120 --> 00:10:38,200 Speaker 3: Power that comes from primarily from wind in the western US, 226 00:10:38,520 --> 00:10:41,240 Speaker 3: and when it's more than the grid needs, which happens 227 00:10:41,280 --> 00:10:43,800 Speaker 3: during certain times of the day, we can use that 228 00:10:43,880 --> 00:10:47,439 Speaker 3: to convert water into hydrogen. We'll store the hydrogen in 229 00:10:47,440 --> 00:10:50,360 Speaker 3: the underground caverns, and then at other times of the 230 00:10:50,440 --> 00:10:52,720 Speaker 3: day when you want to bring that power back, we 231 00:10:52,760 --> 00:10:54,720 Speaker 3: can bring the hydrogen out of the caverns. It can 232 00:10:54,760 --> 00:10:56,679 Speaker 3: be put into a gas fired power plant along with 233 00:10:56,760 --> 00:10:59,400 Speaker 3: natural gas to produce lower carbon electricity. 234 00:10:59,440 --> 00:11:01,880 Speaker 2: So it's an exis sample. Is something that's technically feasible. 235 00:11:02,240 --> 00:11:04,520 Speaker 3: The economics and contract terms on a give us a 236 00:11:04,559 --> 00:11:07,040 Speaker 3: return on our investments, and it's a platform from which 237 00:11:07,040 --> 00:11:07,720 Speaker 3: we can then grow. 238 00:11:08,679 --> 00:11:09,880 Speaker 2: So great to see you, Mike. 239 00:11:09,920 --> 00:11:11,640 Speaker 1: We go on forever, but we happy leave it there. 240 00:11:11,640 --> 00:11:14,600 Speaker 1: You're also a busy man. Mike Worth, Chevron Chairman and CEO. 241 00:11:14,679 --> 00:11:15,480 Speaker 1: Thank you so much.