There are those who will tell you that this is a bad time to be running a big oil company. John Watson, chief executive of Chevron, is not among them. “Arguably, we’ve never been more advantaged than right now,” he says. Of course, he acknowledges, times are tough for everyone in the oil industry because of the plunge in prices for crude and natural gas since the summer of 2014. Compared to his competitors, though — whether the smaller independent oil producers in the US or the big national oil companies in emerging economies — Chevron is better placed to ride out the downturn and benefit from the upturn when it comes, he believes. Critics of Chevron and the other big international oil companies suggest their business model is under threat, trapped in a pincer movement between the leaner and more agile shale operators, and curbs on demand for oil and gas imposed by government policies to reduce the threat of climate change. In an interview with the Financial Times, Mr Watson, a 36-year Chevron veteran, rejects that critique. “I expect [Chevron] to be a viable and vibrant business for a long time,” he says. “There is still a good connection between economic growth, prosperity and consumption of energy. And we’re going to need all forms of energy.” With oil at $52 per barrel, which was the average price of Brent crude last year, Chevron does not look like a business with a great long-term future.