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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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