Any attempts by California to penalize oil and natural gas producers for what state leaders may consider to be excess profits will likely backfire, Chevron Corp. CEO Mike Wirth said Friday.

During the first quarter conference call, Wirth was asked about a rulemaking process underway in the company’s home state. Spearheaded by Democratic Gov. Gavin Newsom, the effort initially began as the state’s gasoline prices soared above the national average.

“The bottom line is, this is now into a rulemaking process,” Wirth said. “There’s no impact right now. I think implementation is likely to take quite a while, and it’s hard to say exactly how it plays out.”

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