Chevron Announces CFO Retirement and CEO Successor, Reports Q2 Earnings

Chevron Announces CFO Retirement and CEO Successor, Reports Q2 Earnings

Chevron, one of the leading oil companies, made an important announcement on Sunday regarding changes in its top management. Chief Financial Officer (CFO) Pierre Breber will be retiring next year. In his place, Eimear Bonner, the Chief Technology Officer of Chevron Technical Center, has been appointed as the successor. Bonner, a long-time company veteran with over 24 years of experience, will report directly to the chief executive of Chevron in her new role. This transition is scheduled to take place on March 1, 2024.

Mandatory Retirement Age Requirement Waived for CEO Mike Wirth

In another significant development, Chevron has waived the mandatory retirement age requirement for its Chief Executive Officer (CEO) Mike Wirth. This decision ensures that Wirth can continue to lead the company beyond the usual retirement age. The move is seen as a testament to Wirth’s exceptional leadership skills and his valuable contributions to Chevron.

Preliminary Q2 Earnings Report

Chevron also released its preliminary second-quarter earnings results. The company reported a net profit of $5.8 billion, equivalent to $3.08 per share. However, it is important to note that these figures do not provide a comprehensive overview of the company’s financial performance for the second quarter. Chevron clarified that it will release its complete second-quarter earnings figures on Friday, July 28. The extent to which these results meet analysts’ estimates remains uncertain.

Record Shareholder Distributions and Permian Basin Performance

During the latest quarter, Chevron distributed a record amount of $7.2 billion to its shareholders. This distribution included $2.8 billion in dividends and $4.4 billion in share repurchases. The company’s commitment to rewarding its shareholders is evident in this significant distribution.

Additionally, Chevron achieved a new milestone in its Permian Basin operations. It produced an impressive 772,000 barrels of oil equivalent during the quarter, marking another record-breaking performance. Furthermore, the company stated that the performance of the Permian wells in its company-operated assets aligns with its full-year guidance for early 2023.

In summary, Chevron announced the retirement of its CFO and the appointment of a successor, while also waiving the mandatory retirement age for its CEO. The company’s preliminary second-quarter earnings report showed a net profit of $5.8 billion, but more comprehensive figures will be released in the near future. Chevron’s commitment to its shareholders is evident through its record shareholder distributions. Lastly, the company continues to excel in its Permian Basin operations, achieving another milestone in terms of oil production.


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