Chevron CFO ties elevated oil prices to Hormuz flows and refining capacity

Brent settles below $100 at $99.25 as supply constraints persist

Speaking Tuesday at a Wall Street Journal Leadership Institute dinner in New York, Chevron Chief Financial Officer Eimear Bonner tied continued price strength to two supply levers: a return to predictable shipping through the Strait of Hormuz and the restoration of refining capacity.

“Until we see changes in both of those levers, prices are likely to stay elevated,” Bonner said at the dinner for financial and sustainability officers, which coincided with the United Nations General Assembly.

Brent crude futures fell 1% on Tuesday to close below $100 a barrel, at $99.25. Bonner said Chevron is focused on putting as much supply into the market as it can and running its refineries reliably.

Asked about Chevron’s recently announced deal to boost production in Venezuela, Bonner said the country would not be a significant source of increased supply “in the short term.” Chevron said earlier this month that it would invest $7 billion in Venezuela’s oil fields through three joint ventures over the next five years and double production there. President Trump has been urging oil companies to invest in the country’s oil sector since deposing Nicolás Maduro, according to the Wall Street Journal.

Bonner, a company veteran who took over as CFO in 2024, said Chevron, which is currently reaping the benefits of higher oil prices and deleveraging its balance sheet, is also planning for the day when prices tumble again. The company runs scenarios that test a range of economic outcomes and prices for all types of commodities, Bonner said.

“Plan for volatility. Plan for uncertainty. Plan for things that can happen,” Bonner told attendees.

Bonner described her leadership style as being a team player and said she views her role as surrounding herself with strong employees and making the most of them. She said she learned about leadership from her father, her first basketball coach, and her mother, who she described as humble and driven.

“I think I learned a lot from her in terms of taking on a challenge, and being fearless, and always having the opportunity to go home if it didn’t work out,” Bonner said.