Key things

  • Chevron previously reported second-quarter earnings that beat analysts’ estimates.
  • 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 on Monday after the company forecast second-quarter earnings that beat analysts’ estimates of record production in the Permian Basin. The oil giant also dropped the retirement age requirement for CEO Michael Wirth.

Chevron made the announcement ahead of the official release of its results on Friday. The company said it sees earnings per share (EPS) $3.08, $0.11 above estimates.

Chevron said production in the Permian Basin rose 11% from a year earlier, the most in any quarter. It indicated that well performance at company-owned assets in the region was on track to meet full-year outlooks.

The company added that the $7.2 billion it spent on dividends ($2.8 billion) a share buybacks ($4.4 billion) was also the highest quarterly high ever.

Chevron noted that the board lifted the mandatory retirement age of 65 for Wirth, now 63. In addition, it appointed chief technology officer Eimear Bonner to replace chief financial officer Pierre Breber when he retires next year.

Chevron shares rose nearly 2% on Monday after the news, but were still down 9.9% year-to-date.

YCharts


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