KEY TAKEAWAYS
- Chevron pre-announced second quarter earnings that exceeded analysts' forecasts.
- The company had record quarterly production in the Permian Basin.
- The board waived the retirement age requirement for CEO Michael Wirth.
Chevron (CVX) shares rose Monday after the company predicted second-quarter earnings that beat analysts’ estimates on record production in the Permian Basin. The oil giant also waived the retirement age requirement for CEO Michael Wirth.
Chevron made the announcement ahead of the official release of its results on Friday. The company indicated it sees earnings per share (EPS) of $3.08, $0.11 above forecasts.
Chevron said production in the Permian Basin was up 11% from a year ago, and the most in any quarter. It indicated that the well performance at company-owned assets in that region was on track to meet full-year guidance.
The company added that the $7.2 billion it spent on dividends ($2.8 billion) and share repurchases ($4.4 billion) was also an all-time quarterly high.
Chevron noted that the board eliminated the mandatory retirement age of 65 for Wirth, who is now 63. In addition, it appointed chief technology officer Eimear Bonner to replace CFO Pierre Breber when he retires next year.
Shares of Chevron gained close to 2% on Monday following the news, but were still down 9.9% year-to-date.
