Chevron (CVX) has named company veteran Eimear Bonner as its new Chief Financial Officer (CFO) and issued preliminary second-quarter results that show a slowdown at the energy giant.
Chevron said that current CFO Pierre Breber will retire in 2024 and that Bonner, currently the oil company’s Chief Technology Officer (CTO), will succeed him. Bonner has worked at Chevron for 24 years.
Chevron also said that it has waived its mandatory retirement age for current Chief Executive Officer (CEO) Mike Wirth.
The second largest U.S. oil producer also reported preliminary Q2 earnings that showed its net profit fell to $5.8 billion U.S., or $3.08 U.S. a share.
Complete Q2 earnings are scheduled to be released on July 28.
The price of West Texas Intermediate (WTI) crude oil, the U.S. standard, has declined from a peak of $122 U.S. a barrel in June 2022 to $77 U.S. a barrel now, though the price had been below $70 U.S. several times in the April through June period.
Chevron noted in its preliminary earnings statement that it issued a record $7.2 billion U.S. of shareholder distributions in Q2 of this year (dividends and stock buybacks combined).
The company said it also produced a record 772,000 barrels of oil equivalent per day at its Permian Basin operations in Texas during the quarter.
Chevron’s stock has risen 7% in the last 12 months to trade at $158.69 U.S. per share.
