“That’s the current outlook. As we get on the other side of that and that supply’s back in the market, the market will come back into balance and I think we’ll see prices restored to a level a little bit higher, and ’26 may be a low point,” Wirth said.<\/p>\n
“Economics drive capital allocation decisions. Today, oil’s at $57 a barrel. I don’t think we’re necessarily high-fiving with that oil price, but again, we’re going to find ways to reduce costs, cut our emissions, and make our break-evens lower to live to fight another day,” Diamondback Energy CEO Kaes Van’t Hof also told Bartiromo.<\/p>\n
CHEVRON CEO APPLAUDS TRUMP ADMINISTRATION’S ENERGY POLICY SHIFT DURING PERMIAN BASIN TOUR<\/a><\/p>\n During her tour in Midland, Texas, Bartiromo noted that the Permian Basin is the largest secure oil supply in the world, currently accounting for about 40% of U.S. production \u2014 a figure projected to reach 70% by 2040.<\/p>\n The Permian Basin, a sprawling shale patch that lies beneath Texas and New Mexico, is North America’s most prolific shale patch. (Getty Images)<\/p>\n As of Monday morning, oil prices edged lower \u2014 down more than 1% before the market opened. The dip followed reports that U.S. and Chinese officials reached a “substantial framework” to avoid 100% tariffs, a move expected to boost oil demand, according to Reuters<\/a>.<\/p>\n “If you go back just 20 years ago, the U.S. was the third-largest producer in the world. Saudi Arabia and Russia were larger, and at that time, if you combine Saudi Arabia’s and Russia’s oil and gas production, it was three times what the U.S. produced. Today, production in the U.S. of oil and gas is larger than Saudi Arabia and Russia combined,” Wirth said.<\/p>\n “That’s why the Permian Basin is so amazing. It’s been producing for over 100 years and left for dead two or three times, and here we are now producing over 6 million barrels a day, which on its own would be the third-largest oil-producing country in the world,” Van\u2019t Hof added. “And all that’s within, essentially, a 150-mile radius of where we are today.”<\/p>\n ‘Sunday Morning Futures’ host Maria Bartiromo offers a preview of her exclusive tour of the Permian Basin and interview with Chevron CEO Mike Wirth, examining how energy strength is linked to economic competitiveness.<\/p>\n Wirth, along with Chevron Shale and Tight Vice President Kim McHugh, noted that America\u2019s vast energy resources are not just an economic advantage \u2013 but also a matter of national defense<\/a> by insulating itself from oil adversaries like Russia and Iran.<\/p>\n “I’m a second-generation driller. I grew up around it,” McHugh said. “My husband’s in the industry. My daughters are in the industry. I believe in what we do. This is a noble cause people need. We make people’s lives better by what we do.”<\/p>\n “Energy security and national security are linked. The U.S. is blessed with an abundance of natural resources, and we now have an administration that wants to see the energy industry invest in those resources to make sure that America’s energy strength translates into economic strength and competitiveness and, importantly, security,” Wirth said.<\/p>\n GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/a><\/p>\n Continental Resources founder and Chairman Harold Hamm discusses President Donald Trump’s plan to buy 1 million barrels of oil for the Strategic Petroleum Reserve on ‘Mornings with Maria.’<\/p>\n![\"Permian](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2025\/10\/permian-basin-oil-production-2025.jpg\")
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