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Bloomberg Television24 min

Chief Future Officer: Eimear Bonner, Chevron | Patience Sustains Progress

Eimear Bonner, Anne-Marie Hordern

Interview, Fireside Chat
  • Chevron anticipates 2026 will rank among its best years historically, driven by oil prices acting as a tailwind amidst Middle East and Ukraine conflicts.
  • The company expects to reach a production "sweet spot" of one million barrels a day in the Permian, maintaining this level for the remainder of this decade and potentially through the next decade.
  • Venezuela joint venture production is projected to double over the next five years following a $7 billion investment scheduled for 2026, supported by improved financial terms.
  • Exploration opportunities are targeted in Suriname, Peru, and Uruguay, described as having a very promising portfolio, while the Permian Basin holds a long runway for development.
  • Strategic focus for the next decade includes the Americas, specifically unlocking potential in Venezuela and Argentina, while balancing long-cycle deep water with short-cycle shale assets.
  • Chevron aims to generate $3 billion in structural savings within 12 months, a target already achieved six months ahead of schedule.
  • CapEx efficiency in the Permian is expected to improve by 40% compared to levels from two years ago, with reliability efforts enabling production at lower costs.
  • The company projects a 20% production increase from wells treated with advanced chemicals and expects to leverage software in integrated operations centers to prevent emission and production loss.
  • Proprietary technology named "George" is expected to integrate AI to automatically adjust parameters, reducing well decline and minimizing downtime for steadier production.
  • Project Kilby, a partnership with Microsoft, is anticipated to deliver solid returns as a repeatable model meeting rising hyperscaler demand that currently exceeds satisfaction capacity.
  • Chevron intends to pursue Middle East opportunities by executing MOUs at very little cost to build options without risking capital.
  • M&A remains a primary strategy for barrel replacement, with a selective approach focused on acquiring assets at the right price and from the right counterparty.
  • Operational discipline will prioritize paying down debt to strengthen the long-term balance sheet while growing the dividend as a first financial priority.
  • Emer Bonner is scheduled to assume the role of president of oil products and gas at the start of 2027, bringing a strategic partner dynamic to the management team.
  • The organization expects to operate resiliently through external fluctuations, leveraging experience from five cycles over 28 years to pick winning projects for the next decade.
  • A new strategic partnership approach emphasizes that operational cause directly equals financial effect, utilizing back-calculation of opportunities to drive efficiency.