Opening Session (March 23)
Martina Cheung (President and CEO, S&P Global)
- Delivered opening remarks to the conference.
Daniel Yergin (Vice Chairman, S&P Global; CERAWeek Chair)
- “Change is inescapable. The global energy landscape, and to a large extent the entire global economy, is being fundamentally reshaped by the dual forces of convergence and competition.”
- “The race for AI is fusing the energy and technology industries like never before, bringing into sharp relief the need to align energy expansion with sustainable economic growth.”
- “We’re looking at the biggest disruption in world oil in history. Nothing like this on this scale has occurred before.” (Referring to the Hormuz closure)
- Kicked off the conference under the broader theme of “convergence,” with comments about how the varied interests of energy producers and energy consumers can meet in the middle.
Sources: VedaComm, Shale24, InnovationMap
U.S. Secretary of Energy Chris Wright
Plenary session with Daniel Yergin (March 23)
- “Energy is life.”
- “America’s superpower is natural gas,” pointing to its role in industry, heat, electricity, fertilizer, exports, and leading AI and manufacturing.
- Announced that over 18 Bcf/day of new permits for LNG exports have been approved; that amount alone, permitted in the last 13 months, would make America by far the world’s largest exporter of natural gas.
- Described the Trump administration’s view of climate change as “a side effect of building the modern world.”
- Pledged to “end the Biden administration’s irrational, quasi-religious policies on climate change.”
- Insisted he is not a climate change denier, but rather a “climate realist.”
- Used CERAWeek as a platform to promote nuclear, gas, and other favored energy sources.
- The administration is working to launch an “American nuclear renaissance,” including both fission and fusion.
Sources: World Oil, Oil Change International, Renewable Energy World, Heatmap News, Axios, Inside Climate News
U.S. Secretary of the Interior Doug Burgum
- Announced the TotalEnergies wind-to-oil swap deal on March 23.
- “With this agreement, we’re allowing this great company to redirect those dollars that have been paid in the treasury to affordable, reliable and secure oil and natural gas production in the U.S.”
- Chairs the National Energy Dominance Council.
Sources: Houston Public Media, DOI Press Release
Chevron CEO Mike Wirth
- Said the oil futures market has not fully priced in the scale of the disruption triggered by the Strait of Hormuz closure.
- Said the futures market is trading on “scant information” and “perception.”
- About 20% of world oil supplies flowed through the Strait before the war started.
- Noted that oil tanker traffic has plunged due to Iranian attacks on commercial shipping.
- Cautioned that regional disruptions may outlast market assumptions.
- On exploration: said reviving exploration is a focus for Chevron.
Shell CEO Wael Sawan
- Warned that energy shortages, including gasoline and diesel, could begin to hit Europe as early as April 2026.
- Stated Shell is actively working with governments to identify available levers: demand-side measures, storage strategies, and forward stock procurement.
- “The problem is we are more in reaction mode.” Europe needs strategies that “actually look five, 10 years out and build resilience from now.”
- “You cannot have national security without energy security.”
- Said Shell is assessing where it can add value in Venezuela, with initial focus on natural gas, specifically volumes that can be monetized through LNG.
Sources: CNBC, Shale24, Fuels and Lubes, OilPrice.com
ConocoPhillips CEO Ryan Lance
Leadership dialogue with Daniel Yergin (March 25)
- “You just can’t take 8 to 10 million barrels a day of oil and 20% of LNG supply off the world stage without having some significant repercussions.”
- “A month ago, what were headwinds in the industry have now become tailwinds. It’s a completely different scenario.”
- Companies are now reassessing mid-cycle price expectations as markets recalibrate.
- ConocoPhillips remains focused on long-cycle investments, including Alaska developments and LNG expansion.
- Believes the conflict will raise the baseline price of oil, even after the war ends: “The floor probably has to rise, and the slope of the curve is probably going to increase.”
- Betting on conventional oil as US shale growth plateaus.
Sources: World Oil, Hart Energy, Houston Public Media
TotalEnergies CEO Patrick Pouyanne
- “It’s clear to me if this crisis lasts more than three or four months it becomes a systemic problem for the world.”
- TotalEnergies pivoted US capital back toward hydrocarbons, announcing the $928M wind-to-oil/gas swap with the Interior Department.
Sources: Fortune, S&P Global
Occidental Petroleum CEO Vicki Hollub
Session: “Oil Strategies for a World in Transition”
- The oil and gas industry has been replacing less than 25% of its annual production, drastically down from the 1950s to the 1970s, when it replaced production over five times annually.
- Discussed how producers are adapting portfolio strategies to balance resilience, demand outlooks, and transition pressures.
Sources: CCarbon, Kaieteur News
Williams Companies CEO Chad Zamarin
- Natural gas serves as a strategic advantage for America by offering abundant, cost-effective energy that supports technological and economic growth in a competitive global market.
- Discussed behind-the-meter solutions that bring power directly to customers on-site, bypassing grid constraints.
Sources: Williams Companies, Stock Titan
Texas PUC Chair Thomas Gleeson
- Told CERAWeek attendees that conversations about redesigning the state’s main power market have taken a back seat to figuring out how many large users can plug into Texas’ main grid.
- PUC is preparing to consider specific changes to the market setup.
Sources: E&E News / Politico
ERCOT Director Bill Blevins
- Grid operators told data center developers to “get more flexible,” signaling the need to throttle consumption during peak hours or face shutdowns.
- Data centers’ power demand could reach about 24 GW by 2031, enough to power roughly 4.8 million Texas homes.
- Hyperscalers asked if they could pull a combined 226 GW from the grid, which far exceeds historical peak demand.
Sources: Houston Public Media, InnovationMap
Other Notable Speakers Listed
- Jim Fitterling (Chair and CEO, Dow Inc.)
- Lorenzo Simonelli (Chairman and CEO, Baker Hughes)
- Jack Fusco (CEO, Cheniere Energy)
Sources: Energy Capital HTX