Chevron New CEO: Despite Chevron’s new CEO, the company’s net profit declined under the previous CEO. The company has finished generating the Q2 profit report.
Sandra Bonner, a long-time Chevron employee, will become the new CEO of the company. Bonner has spent most of her time in the past 24 years working for Chevron. The US is Chevron’s HQ, making it the preferred location for this large oil business. Bonner will report directly to the CEO as the new CFO at Chevron.
The corporation announced that the new leader will start on March 1st, 2024. This info is from the company’s announcement.
Chevron has shared preliminary financial performance for Q2 with the public. Alongside the new person in charge, this information was also distributed immediately. The net income for the most recent quarter
was $5.8 billion, equivalent to $3.08 per share. This is a higher increase from earlier net income projections. It took us time to understand because we relied on specialists’ perspectives.
Chevron stated that the company’s Q2 performance was not accurately reflected in the financial reports released to the public on Sunday. According to Chevron, this is highly significant. On Friday, July 28,
quarterly earnings info will be accessible to the public.
Despite lower revenues, Chevron emphasized returning a record $7.2 billion to shareholders in the latest quarter. Despite sales dropping, it remained profitable. To achieve this figure, shares were bought for
$2.8 billion and $2.8 billion was paid to shareholders, resulting in a total of $4.4 billion returned. The shares’ price was $2.8 billion.
A key turning point for the company was when its Permian Basin output exceeded 772,000 barrels of oil equivalent. This event marked a new phase for the company. Based on 2023 forecasts, Chevron’s Permian
wells were expected to have a record-breaking quarter.