Chevron Beats Earnings Forecasts While Extending CEO’s Tenure
- Chevron board waives mandatory age 65 retirement for Wirth
- CFO to retire in 2024, succeeded by chief technology officer
This article is for subscribers only.
Chevron Corp. posted better-than-expected earnings as output in the Permian Basin soared to a record and the oil giant said it waived the mandatory retirement age for Chairman and Chief Executive Officer Mike Wirth.
Though adjusted earnings of $3.08 per share were higher than the Bloomberg consensus, net income dropped to $6 billion, according to a statement Sunday. It’s the fourth-straight quarter of lower results for Chevron, which have fallen to almost half the level of a year earlier when oil prices surged after Russia invaded Ukraine.