Chevron just made two big announcements: find out more

July 24, 2023 10:03 AM PDT | By Invezz

Chevron just made two big announcements: find out more — Image source: Invezz

Chevron names a new Finance Chief

First, the energy giant said Pierre Breber – its Chief Financial Officer will retire next year and named Eimear Bonner as his successor. Bonner is currently the CTO of Chevron Corporation.

The multinational also said that it was no longer mandatory for CEO Mike Wirth to retire at 65. On CNBC’s “Squawk on the Street”, the Chief Executive said today:

We’ve got good business momentum. I’m excited to continue to lead Chevron to deliver higher returns for our shareholders and a lower carbon energy system for the world.

On Monday, Chevron reported strong preliminary results for its fiscal second quarter as well. At writing, the oil stock is down 13% for the year.

Notable figures in Chevron’s preliminary Q2 results

Chevron Corporation said it concluded its recent quarter with $6.0 billion of profit that translates to $3.08 a share on an adjusted basis.

In comparison, analysts were at $2.97 per share. According to CEO Wirth:

We’re decarbonizing oil and gas business, reducing carbon intensity of every barrel, and investing in carbon capture and storage, hydrogen, renewable fuels and other technologies that we want to scale.

He did reiterate, though, that the global economy cannot cut its reliance on fossil fuels any time soon. Earlier this year, Chevron said it will buy PDC Energy for $6.3 billion – an acquisition it expects will close next month.

Production hit a record high in the Permian Basin

Chevron reported record production in the Permian Basin – up 11% in Q2, as per the press release.

Still, its quarterly profit was down both sequentially as well as year-over-year as oil prices cooled off significantly. CEO Wirth added:

Discussion we have with administration is how do we find balance so we don’t focus on one aspect, be it affordability, reliability, or environment that we lost the plot on others. We need to keep all three in sight.

The oil and gas company returned a record $7.2 billion to shareholders in its fiscal second quarter. Wall Street currently has a consensus “overweight” rating on Chevron stock.

The post Chevron just made two big announcements: find out more appeared first on Invezz.

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