Chevron shares added more than 3% after the oil and gas giant released preliminary second quarter results that topped the Street’s expectations.
The company said it made a profit of $6 billion for the quarter, or earnings per share of $3.20.
While its profit is down 48.3% from the year-ago quarter, it topped expectations of $5.5 billion, per a Bloomberg survey.
Adjusted profit was $5.8 million, or $3.08 per share, above the Street’s consensus expectation of $2.97.
Chevron also noted that it achieved record Permian Basin production of 772,000 barrels of oil equivalent per day during the quarter, up 11% from 2Q 2022.
The company will hand down its full 2Q results on Friday, July 28.
Meanwhile, Chevron announced the retirement of its long-time chief financial officer Pierre Breber in 2024 after 35 years in the role.
He will be replaced by Eimear Bonner, the company’s vice president and chief technology officer and president of the Chevron Technical Centre, effective March 1, 2024.
Chevron also noted that its independent directors have waived its mandatory retirement age of 65 for CEO and chairman Mike Wirth, who will turn 63 later in 2023.
"Chevron’s board regularly reviews its long-term succession plans, and concluded it has the right leader and strategy in place to continue the company’s successful trajectory," commented Chevron’s lead independent director Dr. Wanda M. Austin.
Chevron stock was up 3.2% at US$163.7 late morning on Monday.
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