Chevron is continuing to look at new opportunities in the Middle East and may have more exposure to the region in the future, Chief Executive Officer Mike Wirth said on Friday.
Terms of investing in the region are better than they’ve historically been, Wirth said, adding that the Middle East currently accounts for about 5% of Chevron’s output.
“Countries there have been willing to engage in negotiations that offer what we view as a fair balance of returns for investors. And so we’ve made some deals there over the last year or two and are in discussions with others,” Wirth said at an event in Houston.
(Reporting by Arathy Somasekhar and Sheila Dang in Houston; Editing by Nathan Crooks)