Chevron posts better than expected Q2 earnings, taps Bonner as new CFO
Jul. 23, 2023 7:09 PM ET Chevron Corporation (CVX)By: Carl Surran, SA News Editor 43 Comments
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Chevron (NYSE: CVX) reported preliminary Q2 earnings Sunday totaling $6.01B and adjusted earnings of $5.77B, or $3.08/share, above the $2.97/share Wall Street consensus estimate.
The results were below Q1 earnings of $6.57B and year-ago quarterly earnings of $11.62B, as well as adjusted earnings of $6.74B in Q1 and $11.36B in the year-earlier quarter.
Chevron ( CVX) said its Permian Basin production set a quarterly record in Q2, rising 11% Y/Y to 772K boe/day, and is on track to meet its full-year guidance.
Q2 shareholder distributions hit a quarterly record $7.2B, including $2.8B in dividends and $4.4B in stock buybacks.
The company is scheduled to report full quarterly results on July 28.
Chevron ( CVX) also said CFO Pierre Breber will retire next year, to be succeeded by Eimear Bonner, current VP and chief technology officer, effective March 1.
Breber joined Chevron ( CVX) in 1989, becoming VP and CFO in 2019; Bonner joined the company in 1998, assuming the positions of VP and CTO in 2021.
Finally, Chevron's ( CVX) board waived the company's mandatory retirement age of 65 for Chairman and CEO Mike Wirth, who will turn 63 later this year.
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