{"id":39626,"date":"2023-07-24T02:29:09","date_gmt":"2023-07-24T06:29:09","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/chevrons-second-quarter-profit-beats-outlook-on-record-shale-production\/"},"modified":"2023-07-24T02:29:11","modified_gmt":"2023-07-24T06:29:11","slug":"chevrons-second-quarter-profit-beats-outlook-on-record-shale-production","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=39626","title":{"rendered":"Chevron’s Second Quarter Profit Beats Outlook on Record Shale Production"},"content":{"rendered":"
\n

\n ChevronCorp.<\/span>
\n released a second-quarter performance update on Sunday that was better than expected ahead of the oil major\u2019s earnings announcement this week.<\/p>\n

Adjusted profit of $3.08 a share beat the consensus of $2.97 a share as tracked by
\n FactSet.<\/span>
\n That is down about 47% from the second quarter last year and down from profit of $3.55 a share in the first quarter of 2023.<\/p>\n

\n

The biggest reason Chevron\u2019s earnings fell is that oil prices have dropped dramatically from this time last year, when they spiked due to Russia\u2019s invasion of Ukraine. <\/p>\n

\u201cWe\u2019re delivering strong value to shareholders irrespective of the commodity price environment,\u201d said CEO Mike Wirth in an interview with Barron\u2019s<\/em>. \u201cWe\u2019re at prices that are lower than they were a year ago, but higher than they were two and three years ago. We\u2019ve got to be prepared for high and for low prices.<\/p>\n

\u201cWe\u2019ve got a company that was built to last through the cycles,\u201d he added. \u201cAt [oil prices] lower than $50, we cover all of our dividends and all of our capital spending.\u201d<\/p>\n

Chevron\u2019s independent directors gave Wirth a vote of confidence, waiving the company\u2019s mandatory retirement age of 65 for him. He will turn 63 later this year.<\/p>\n

The company also announced its chief financial officer, Pierre Breber, is retiring after 35 years at the company. Eimear Bonner, the chief technology officer, will succeed him starting in March 2024.<\/p>\n

In a statement, Wirth thanked Breber for his contributions and welcomed Bonner, a 24-year Chevron (ticker: CVX) veteran, saying she can \u201cbuild on Chevron\u2019s strong foundation and drive further value for shareholders.\u201d<\/p>\n

Chevron\u00a0revealed had record quarterly production in the Permian Basin, a shale producing region in West Texas and southeaster New Mexico. Production there was11% higher than last year\u2019s second quarter. It produced 772,000 barrels of oil equivalent a day, and added that it is on-track for its full-year guidance. <\/p>\n

Quarterly shareholder distributions of $7.2 billion also set a record, Chevron said, including $4.4 billion in share buybacks and $2.8 billion in dividends.<\/p>\n

Chevron expects to close the acquisition of shale driller
\n PDC Energy
\n in August.<\/p>\n

Write to Liz Moyer at liz.moyer@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

ChevronCorp. released a second-quarter performance update on Sunday that was better than expected ahead of the oil major\u2019s earnings announcement this week. Adjusted profit of $3.08 a share beat the consensus of $2.97 a share as tracked by FactSet. That is down about 47% from the second quarter last year and down from profit of […]<\/p>\n","protected":false},"author":1,"featured_media":39627,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-39626","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nChevron's Second Quarter Profit Beats Outlook on Record Shale Production | iFintechWorld<\/title>\n<meta name=\"description\" content=\"ChevronCorp. released a second-quarter performance update on Sunday that was better than expected ahead of the oil major\u2019s earnings announcement this\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=39626\" \/>\n<meta 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