Jeff Gustavson has been appointed CFO of Chevron Corporation, effective January 1, 2027. He replaces Eimear Bonner, who becomes President, Oil, Products & Gas. Vice Chairman Mark Nelson gives up that role and takes on strategy and business development.

The company has revenues of $184.4 billion in 2025 and a market cap of around $400 billion, second only to ExxonMobil for those companies based in the Houston-area.

Mr. Gustavson, 54, joined Chevron in 1999 and has been President, New Energies since August 2021. From 2018 to 2021 he was vice president of Chevron North America Exploration and Production’s Mid-Continent Business Unit. Before that he was President of Chevron Canada. He has also worked in finance, M&A, strategic planning, supply and trading, and investor relations, with postings in the U.S., Canada, the UK and Venezuela.

Mr. Gustavson will receive a base salary of $1,000,000.

Ms. Bonner, 52, has been CFO since March 2024. She is a petroleum engineer who started offshore in the UK in 1998 and was previously Chevron’s chief technology officer. She has also had postings to Kazakhstan and Thailand.

It is widely believed that the reshuffle is part of planning for the CEO succession. Current CEO Mike Wirth, 65, has been in the role since 2018. Last year, he said he was in discussions with the board about the timing of his departure and didn’t expect to serve more than 10 years as CEO.  Both Mr.Gustavson and Ms. Bonner are seen as potential candidates to replace Mr. Wirth.

SEC filing 8-K – Chevron CFO appointment

EOG Resources has appointed Jeff Hibbard as its next CFO, effective January 1, 2027. He replaces Ann Janssen, who has decided to retire after more than 30 years with the company.

EOG has its head office in downtown Houston and is one of the largest independent oil and gas producers in the US, with a market capitalization of around $73 billion.

Mr. Hibbard, 44, is currently EOG’s Senior VP, Finance, a role he took up when he joined the company in August 2025. Before that, he spent more than 20 years in investment banking at Morgan Stanley, most recently as a Managing Director in the Global Energy Group.

Ms. Janssen joined Enron Oil and Gas in 1995. That business was spun out of Enron in 1999 and renamed EOG Resources. She was Chief Accounting Officer from February 2018 through December 2023 and became CFO in January 2024. From January 2027 she will stay on as an advisor to the company until she retires later in 2027.

The filing gives no details of Mr. Hibbard’s new salary.

SEC filing 8-K – EOG appoints Hibbard

ConocoPhillips (‘COP’) has announced a leadership transition. Ryan Lance, who has been CEO for 14 years, transitions to Executive Chairman. Andy O’Brien, currently the Executive VP, Strategy, Commercial and Chief Financial Officer, becomes CEO. Konnie Haynes-Welsh, currently VP, Finance and Controller is promoted to CFO.

COP has its head office in west Houston and is the third largest Houston-area by market capitalization ($148 billion), behind ExxonMobil and Chevron.

Ryan Lance started in Alaska

Mr. Lance, 64, began his career with Arco Alaska, which was later acquired by BP. In 2001, he joined Phillips Petroleum as General Manager of the Lower 48 and Canadian operations. After the merger with Conoco, he was appointed VP of Lower 48 for the combined company. In his new role, his salary will reduce from $1.8 million to $1.1 million.

Mr. O’Brien, 50, started his career with Conoco in the United Kingdom in 1997 as a Financial Analyst. He spent time in finance roles in Calgary, Anchorage, Indonesia and Houston before becoming Senior VP, Global Operations in 2022. He became CFO in 2025 after his predecessor retired. Mr. O’Brien’s base salary will increase from $934k to $1.7 million.

Konnie Haynes-Welsh joined COP in 2012 as a Manager, SEC Compliance and has held various roles in the finance department. She is a graduate of the University of Texas and started her career at PriceWaterhouseCoopers in 2000. She worked for Mariner Energy (later acquired by Apache) before joining COP. Ms. Haynes-Welsh will have a base salary of $743k.

Another Brit promoted

Greig Patterson, currently VP, Corporate Planning & Development, will become VP, Finance and Controller. He is another Brit, who started his career with BP as a Financial Analyst in Aberdeen. He joined COP in 2007 and has worked in Norway, Canada and Malaysia.

Big retention stock awards for key Executives

In addition to these changes, the company also gave Kirk Johnson, Executive VP, Global Operations and Technical Functions, a restricted stock unit award worth $5 million, that will vest on the fifth anniversary of the grant. Likewise, Nicholas golds, Executive VP, Lower 48 and Global HSE, is awarded a $3 million grant, that will vest after three years.

SEC filing 8-K – ConocoPhillips leadership transition

Expand Energy has appointed Marcel Teunissen as its new CFO, effective immediately. He replaces Mohit Singh, whose employment was terminated in August 2025.

Nick Dell’Osso, the CEO (and former CFO between 2010 and 2021) was ousted in February 2026. Michael Wichterich, the Chairman of the Board, is also the interim CEO currently.

Expand is the new name for the Chesapeake and Southwestern Energy merger that was completed in October 2024. In February, the company announced it would move its headquarters from Oklahoma City to Spring, TX.

Mr. Teunissen was most recently the President of the North American operations of Parkland Corporation, a Canadian fuel distributor. Parkland was publicly-traded until it was acquired by Sunoco in November 2025. Mr. Teunissen has been in the role for about 10 months. Prior to that, he spent four years as CFO of Parkland. Before joining Parkland, Mr. Teunissen had a 23-year career at Shell.

Mr. Teunissen will receive a base salary of $550,000.

Brittany Raiford, who had been serving as interim CFO, will revert back to her former role as Vice President – Treasurer and Investor Relations.

SEC filing – 8-K Expand Energy CFO

Ring Energy has appointed Sonu Johl as its new CFO and Treasurer, effective February 27, 2026. He replaces Travis Thomas stepped down in September.

Ring Energy is an acquisitive E&P company focused on the Permian Basin. It went public in 2013 and moved its head office from Midlands to The Woodlands in 2020 following the appointment of Paul McKinney as its new CEO. The company has a relatively high debt load  ($428 million at the end of September, though that was down $20 million in the quarter).

Mr. Johl joins from Raymond James & Associates where he spent six years as Managing Director, Co-Head of Energy Investment Banking. He advised public and private E&P companies doing business in the Permian Basin and other US onshore basins.  Prior to that, Mr Johl worked at UBS and Citi investment banks.

Mr. Johl will receive a base salary of $425,000. He will also restricted stock units worth $400,000 that will vest over three years as well as $600,000 of performance stock units that will vest after three years, provided certain performance thresholds are achieved.

SEC filing – 8-K Ring Energy appoints new CFO

Travis Thomas, the CFO of Ring Energy, has stepped down, with immediate effect. Rocky Kwon, the VP of Accounting and Assistant Treasury, has been appointed the interim CFO, while the company conducts a search for a permanent successor.

Ring Energy is an acquisitive E&P company focused on the Permian Basin. It went public in 2013 and moved its head office from Midlands to The Woodlands in 2020 following the appointment of Paul McKinney as its new CEO.

Its’ stock price has been hovering around $1 due to a combination of relatively high debt load ($448 million at the end of June) and sustained selling by Warburg Pincus since September 2024. Ring acquired Stronghold Energy, backed by Warburg, in October 2022. As a result, Warburg ended up owning  34% of Ring Energy.  That stake is now down to 2%.

Mr. Thomas joined Ring in October 2020 and was promoted to CFO and Treasurer in March 2021. He will receive a severance payment of around $650,000, being 1x base salary ($370,000) plus 1x current target annual bonus. In addition, there will be accelerated vesting of restricted and performance stock units. In the latest annual proxy, they were valued at $727,000. At the current stock price, it’s more like $550,000. The company will also pay 18 months of health care premiums ($38,000).

[Update 10-03-05 The company filed an amended 8-K. Mr. Thomas will receive a cash severance of $1,021,688 plus the accelerated vesting of stock units].

SEC filing – Ring Energy CFO departs

(PRNewsfoto/Talos Energy)

Zach Dailey has been appointed CFO of Talos Energy. He replaces Sergio Maiworm, who resigned in May to become the CFO at Expro Holdings. Interim CFO Greg Babcock will revert back to his role as Chief Accounting Officer.

Talos is an offshore E&P operator with assets in the United States Gulf of Mexico and offshore Mexico. It has a market capitalization of $1.5 billion. Carlos Slim, the richest person in Latin America, owns 24% of the stock of the company.

In March, the company appointed Paul Goodfellow, a long-time Shell executive, as its new CEO.

Mr. Dailey was most recently the Chief Accounting Officer at Marathon Oil, up until its acquisition by ConocoPhillips in November 2024. He spent nearly 10 years at Marathon in various finance roles. Prior to that, he worked at Linn Energy, Berry Petroleum and Morgan Keegan.

Mr. Dailey will receive a base salary of $450,000. He also receives $279,453 in restricted stock units that will vest over 3 years and the same amount in performance share units that will vest depending upon total shareholder returns.

SEC filing – Talos CFO appointment