Maria Bartiromo gives viewers of ‘Mornings with Maria’ a glimpse into the Permian Basin – the beating heart of America’s oil and gas boom – as President Donald Trump’s policies usher in a powerful new era of American energy independence.
The pipes are turning, and sand and water are flowing again as US oil executives focus on increasing domestic supply and aim to take prices to a “low point” by 2026.
“That’s the current outlook. When we get to the other side and supply is back in the market, the market will rebalance and I think we’ll see prices return to levels that are a little bit higher, and ’26 could be a low point,” Wirth said.
“The economics are driving capital allocation decisions. Today, oil is at $57 a barrel. I don’t think we’re necessarily high-fiving that oil price, but again, we’re going to find ways to reduce costs, reduce our emissions and lower our breakevens to fight another day,” Kaes Van’t Hof, CEO of Diamondback Energy, also told Bartiromo.
CHEVRON CEO Applauds TRUMP Administration’s Energy Policy Change During Permian Basin Tour
During her tour of 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 – a figure expected to reach 70% by 2040.
The Permian Basin, a vast shale region lying beneath Texas and New Mexico, is the most productive shale region in North America. (Getty Images)
As of Monday morning, oil prices fell – more than 1% before the market opened. The dip followed reports that US and Chinese officials reached a “substantial framework” to avoid 100% tariffs, a move expected to boost oil demand. according to Reuters.
“If you go back 20 years ago, the US was the third largest producer in the world. Saudi Arabia and Russia were bigger, and if you put together the oil and gas production of Saudi Arabia and Russia at the time, it was three times what the US produced. Today, US oil and gas production is greater than Saudi Arabia and Russia combined,” Wirth said.
“That’s why the Permian Basin is so amazing. It’s been producing for over 100 years and has been left for dead two or three times, and here we are now producing over 6 million barrels a day, which in itself would be the third largest oil producing country in the world,” Van’t Hof added. “And all of that is essentially within 150 miles of where we are now.”
‘Sunday Morning Futures’ host Maria Bartiromo offers a preview of her exclusive tour of the Permian Basin and interview with Chevron CEO Mike Wirth, which explores how energy strength is linked to economic competitiveness.
Wirth, along with Chevron Shale and Tight Vice President Kim McHugh, noted that America’s vast energy resources are not just an economic advantage – but also a matter of national defense by insulating itself from oil adversaries like Russia and Iran.
“I’m a second-generation driller. I grew up with it,” McHugh said. “My husband is in the industry. My daughters are in the industry. I believe in what we do. This is a noble cause that people need. We make people’s lives better through what we do.”
“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 the energy industry to invest in those resources to ensure that America’s energy prowess translates into economic strength and competitiveness and, most importantly, security,” Wirth said.
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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.”
Last week, fellow oil executive Harold Hamm warned that global demand for oil could soon outstrip affordable supply.
“In about 18 months, that oversupply will be gone. And after that, we have to watch out for some price shocks. Once you exceed demand with supply, those things start to happen,” the manager warned. “So we need to have an energy industry in this country. Energy independence is so important to us.”
