Chevron Corp. CEO Mike Wirth on Friday was optimistic that the supermajor could navigate near-term under a potential cap on federal leasing in the United States but he warned that if conditions were to deteriorate, “we have other places to take our dollars.”

Wirth helmed a conference call with CFO Pierre Breber on Friday to discuss fourth quarter performance and offer an outlook for 2021. 

The San Ramon, CA-based major was “well positioned when the pandemic and economic crisis hit,” Wirth said. It allowed Chevron to exit a “year like no other” with a solid balance sheet and the mega takeover of Noble Energy Inc. 

“When market conditions deteriorated, we swiftly reduced capital spending by 35% from 2019 and also reduced operating costs,” ending 2020 with...