On Sunday, Chevron Corporation announced its second-quarter financial results that topped estimates but were lower than the previous data.
Its stock price went up by 1.46% to $158.69 per share on Friday. However, it is expected to decline by -0.13% to $158.49 apiece in the upcoming session.
The company’s earnings per share fell to $3.08, still beating analysts’ $2.98 forecast. But it is lower than the prior $3.55 figures.
Likewise, the revenue of Chevron dropped to $48.76 billion but surpassed the $47.62 billion consensus. It is still below the previous $50.79 billion reading.
Moreover, Chief Executive Michael Wirth stated the number two US oil company would be open to more acquisitions. It aims to have higher shareholder distributions this year.
In addition, Chevron reported a $6.00 billion net profit for the quarter that ended on June 30.
According to Wirth, the macro price environment slightly eased compared to the first quarter. He added that they still experienced a robust quarter.
Its oil and gas production in the Permian Basin reached 772,000 barrels daily. He stated they made the highest volume in the quarter, 10.00% above the same period last year.
Also, Wirth mentioned the expansion project of Chevron in Kazakhstan remained on schedule and budget.
Michael Wirth of Chevron Stays Past Retirement Age
Chevron announced its management changes on Sunday. It included the retirement of its finance chief and the extension of Michael Wirth’s retirement age.
Pierre Breber, its chief financial officer, will retire in 2024 and be replaced by Eimear Bonner. She is their technology chief and the second woman to be positioned as CFO in its 140-year history.
On the other hand, Chevron announced that Wirth, who will turn 63 this year, agreed to remain in the company. This is despite its mandatory retirement age of 65.
He said he is committed to giving its investors higher returns and lesser carbon. Also, he aims to create more progress within the company.
