Chevron Corp. expects fuel-making margins to remain elevated as long as energy markets remain "under stress," Chief Executive Officer Eimear Bonner said. The CEO indicated that current market conditions supporting strong refining profitability are likely to continue given ongoing supply constraints and geopolitical tensions affecting global energy flows.

Bonner's comments suggest the oil major sees structural factors keeping margins above historical averages rather than a temporary spike. The company's refining segment has benefited from tight product inventories and reduced global refining capacity following pandemic-era closures.

Chevron shares have outperformed peers this year as investors reward the company's integrated model and strong cash generation from downstream operations. The outlook implies continued robust earnings from the fuels business even if crude prices moderate.