Chevron Names Internal CFO Amid New C-suite Strategy

Chevron Corporation has announced that its President of New Energies and longtime company veteran, Jeff Gustavson, will transition to the role of Chief Financial Officer, effective as of 1 January 2027, amid a series of changes to the company’s leadership team.

Jeff, who joined the oil and gas company in 1999, will succeed outgoing CFO Eimear Bonner, who Chevron says will assume the role of President of Oil, Products and Gas.

In addition to Jeff’s transition, several other C-suite executives will be moving to other positions within the company. 

Mark Nelson, another Chevron veteran currently serving as Vice Chairman for Oil, Products and Gas, will become Vice Chairman for Strategy and Business Development.

Additionally, Brent Gros will assume the role of President of New Energies, which includes overseeing Chevron’s AI strategy.

All C-suite changes are effective as of 1 January 2027.

New leadership amid international developments

Jeff’s more than two decades at the company have spanned several roles. Most recently, he has served as President of New Energies since 2021, and prior to that, he served three years as VP for Chevron’s mid-continent business unit.

Discussing the new leadership transitions, Mike Wirth, Chevron Chairman and CEO, says the executives bring “a combination of operational expertise, strategic perspective and a proven ability to deliver results across our business”.

He adds: “Their experience, judgment and commitment to excellence will help position Chevron for continued success in an evolving energy landscape.”

The coming leadership changes coincide with Chevron’s expansion in Venezuela. The company announced access to additional land in the nation’s Orinoco Belt.

The same day as the expansion announcement, the Trump administration said it had plans to expand US oil reserves in Venezuela in partnership with North American Blue Energy Partners.

During his second term, US President Donald Trump has repeatedly clashed with Chevron executives as his administration seeks to expand control over Venezuela’s oil reserves. Chevron, the second-largest oil producer globally, has largely operated unopposed in the country.

President Trump has also criticised both Chevron and ExxonMobil for making “too much money”, and urged them to bring down retail fuel prices as energy costs in the US have soared.

Under Chevron’s updated deal, the Petroindependencia S.A. joint venture – which is 49% owned by a subsidiary of Chevron – will develop two additional areas next to the Orinoco Belt.

The company adds that the move will help strengthen its plan to invest more than US$7bn into the region over the next five years, doubling its production to 600,000 barrels a day.

Accelerating production despite volatility

The company achieved its structural cost reduction goals six months ahead of time, reporting US$3bn in annual run-rate savings by the close of the quarter ended 30 June, according to its earnings report.

Chevron previously announced plans to cut costs and accelerate production in late 2025, increasing its planned cost reduction by US$1bn to a US$3bn–US$4bn range by the end of this year.

The volatility in oil prices, driven by war in the Middle East, has prompted efforts to ensure Chevron’s balance sheet is well positioned for the future, Eimear Bonner said during a discussion at Barclays’s 40th Annual Energy Power Conference last month.

Discussing Chevron’s approach to bringing cash back to its shareholders at the conference, Eimear said: “We generally don’t like to move the buyback rate during times of volatility. We like to have a better view of what – where prices are trending and then we adjust.”

Chevron Corporation’s key partners:

ExxonMobil
Chevron partners with ExxonMobil on major international energy assets, including the massive Tengizchevroil venture in Kazakhstan and Australia's Gorgon LNG.
CEO: Darren Woods | Headquarters: Spring, Texas, US

KazMunayGas
Kazakhstan's state oil producer collaborates directly with Chevron in Tengizchevroil, managing and developing the country’s landmark Tengiz oil field reservoir.
CEO: Askhat Khassenov | Headquarters: Astana, Kazakhstan

Phillips 66
Chevron partnered with Phillips 66 to form Chevron Phillips Chemical Company, a global joint venture manufacturing petrochemicals and plastics.
CEO: Mark Lashier | Headquarters: Houston, Texas, US