Chevron Corp. released a second-quarter performance update that was better than expected on Sunday, ahead of the oil major’s earnings announcement this week.
Adjusted profit of $ 3.08 a share beat the consensus of $ 2.97 a share as tracked by FactSet. That is down about 47% from the second quarter last year and down from profit of $ 3.55 a share in the first quarter of 2023.
The company also announced its chief financial officer, Pierre Breber, is retiring after 35 years at the company. Eimear Bonner, the chief technology officer, will succeed him starting in March 2024.
Chief Executive Mike Wirth thanked Breber for his contributions and welcomed Bonner, a 24-year Chevron veteran, saying she can “build on Chevron’s strong foundation and drive further value for shareholders.”
Chevron’s board also waived its mandatory retirement age of 65 for the 62-year-old Wirth, allowing him to remain as CEO for a longer period and giving more time to find a successor.
Chevron CVX, +1.46% said it had record quarterly production in the Permian Basin, 11% higher than last year’s second quarter. It produced 772,000 barrels of oil equivalent a day, and added that it is on-track for its full-year guidance. The Permian is a shale basin covering parts of West Texas and southeastern New Mexico.
Quarterly shareholder distributions of $ 7.2 billion also set a record, Chevron said, including $ 4.4 billion in share buybacks and $ 2.8 billion in dividends.
Chevron expects to close the acquisition of shale driller PDC Energy in August.