Chevron CFO Bonner on Earnings, Buyback and Oil Prices

Summary

Chevron CFO Eimear Bonner discusses first-quarter earnings, the company's buyback strategy, and the impact of Middle East conflict on oil markets. She emphasizes portfolio resilience, low Middle East exposure, and a cautious approach to adjusting buybacks until a structural shift in oil prices is evident. She notes that spare capacity and inventories are under pressure but refrains from making strong price predictions.

• Chevron beat EPS expectations but shares fell about 1.4%.
• CFO Bonner highlights resilient portfolio with three consecutive quarters of over 2 million boe/day production.
• Middle East exposure is less than 5% of total production; all operations are running.
• Buyback guidance remains at $10-20 billion; no increase until a structural change in oil prices is seen.
• Spare capacity and inventories have been largely depleted, creating a tight supply backdrop.
• The company is focused on operational discipline and long-term planning, not short-term market moves.
• US exports are at record highs, helping fill supply gaps from the Strait of Hormuz closure.
• Chevron is growing production 7-10% in 2024 and plans further growth in Venezuela.