Chevron lands in West Texas the week its CEO warns of physical oil shortages

Chevron flew from Midland, Texas, to a remote airstrip near Carlsbad, New Mexico, on May 20, a 71-minute hop that landed shortly before 3 p.m. UTC. The Boeing Business Jet N884GL had spent the previous days shuttling between Houston and Midland, underscoring an intensified focus on the Permian Basin.

The same week, Chevron chairman and CEO Mike Wirth warned that physical oil shortages are beginning to appear as the closure of the Strait of Hormuz chokes off global supply, according to an address covered by The Motley Fool [fool.com](https://www.fool.com/investing/2026/05/12/chevrons-ceo-just-said-physical-oil-shortages-are/). Wirth said demand will have to adjust to meet supply, with Asian and European markets hit first. The company has been prioritizing low-cost, long-life assets in its portfolio, as noted by S&P Global [oilnow.gy](https://oilnow.gy/news/chevron-prioritizes-low-cost-long-life-assets-as-capital-discipline-tightens-sp-global/).

The trip continues a pattern of frequent visits to the region: in the two weeks prior, Chevron's jet flew at least six legs between Houston and Midland, suggesting active oversight of Permian operations as the company leans on domestic production to buffer against global disruptions.