ChevronCorp. recently released a second-quarter performance update that exceeded expectations, ahead of the company’s upcoming earnings announcement. Adjusted profit reached $3.08 per share, surpassing the consensus estimate of $2.97 per share as tracked by FactSet. While this is a decrease of approximately 47% compared to the same quarter last year, it is a decline from the first quarter of 2023, where the profit was $3.55 per share.
Additionally, Chevron announced the retirement of its chief financial officer, Pierre Breber, who has been with the company for 35 years. Eimear Bonner, the current chief technology officer and a 24-year Chevron veteran, will assume the role starting in March 2024. Chief Executive Mike Wirth expressed gratitude to Breber for his contributions and welcomed Bonner, emphasizing her ability to build upon Chevron’s solid foundation and generate further value for shareholders.
Notably, Chevron achieved record quarterly production in the Permian Basin, a prominent shale producing region in West Texas and southeastern New Mexico. Production in the area was 11% higher than the second quarter of the previous year, reaching 772,000 barrels of oil equivalent per day. The company emphasized that it remains on track to meet its full-year guidance.
Furthermore, Chevron reported significant shareholder distributions for the quarter, amounting to $7.2 billion. This includes $4.4 billion in share buybacks and $2.8 billion in dividends, setting a new record for the company.
Looking ahead, Chevron anticipates closing the acquisition of shale driller PDC Energy in August.