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chevron (New York Stock Exchange: CVX) on Sunday reported preliminary second-quarter earnings of $6.01 billion and adjusted earnings of $5.77 billion, or $3.08 per share, above Wall Street’s estimate of $2.97 per share.
The results were lower than first-quarter earnings of $6.57 billion and quarterly profit from last year of $11.62 billion, plus adjusted earnings of $6.74 billion. in the first quarter and $11.36 billion in the previous quarter.
Chevron (CVX) said its production in the Permian Basin hit a quarterly record in the second quarter, rising 11% year-over-year to 772,000 boe/day, and is on track to meet its guidance for the full year.
Distribution to shareholders in the second quarter hit a quarterly record of $7.2 billion, including $2.8 billion in dividends and $4.4 billion in share repurchases.
The company is scheduled to report full quarterly results on July 28.
Chevron (CVX) also said that Chief Financial Officer Pierre Breber will retire next year, to be succeeded by Emir Bonner, current vice president and chief technology officer, effective March 1.
Breber joined Chevron Corporation (CVX) in 1989, becoming Vice President and Chief Financial Officer in 2019; Bonner joined the company in 1998, and has assumed the positions of VP and CTO in 2021.
Finally, Chevron’s (CVX) board of directors has waived the company’s mandatory retirement age of 65 to Board Chairman and CEO Mike Wirth, who turns 63 later this year.
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