Chevron : CEO mike wirth talks record production on CNBC
August 03, 2023 at 05:24 pm
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our operationsCEO mike wirth talks record production on CNBC
1 min read | august 03, 2023
click to play CEO mike wirth talks record production on CNBC video
On the heels of strong quarterly performance, Chevron Chairman and CEO Mike Wirth appeared on CNBC to talk numbers and his aspirations for the company following the announcement of his extended tenure.
Three big takeaways:
Record production in the Permian Basin
Board of directors waives mandatory retirement age for CEO
PDC acquisition expected to close in August 2023
breaking records
Adding to the U.S. energy supply is one way to keep energy prices affordable. In the Permian Basin, Chevron is hitting production highs with 772,000 barrels per day, an 11% increase over the same period in 2022.
772K
barrels of oil-equivalent (BOE) /day*
$7.2M
shareholder distribution*
$6B
earnings
*Quarterly record
"We're delivering exactly what we said we would deliver and what we intend to deliver."
mike wirth
chairman and CEO
leading on
Wirth is expected to remain in his role beyond 2025. The Board waived the mandatory retirement age of 65, saying it views Wirth, 62, as key to Chevron's upward trajectory.
"Mike has done an extraordinary job leading Chevron in a dynamic environment and delivering outstanding financial and operational results. We look forward to his continued leadership," said Dr. Wanda M. Austin, lead director at Chevron.
Chevron announced other leadership changes in late July. Eimear Bonner, vice president and chief technology officer and president of the Chevron Technical Center, will become CFO on March 1, 2024. She will succeed Pierre Breber, who is retiring.
strong strategic fit
Chevron is expected to close on the acquisition of PDC Energy this month. The move adds acreage in key US production hubs and will allow Chevron to deliver higher returns in lower carbon intensity basins. This includes:
An additional 275,000 net acres next to Chevron's existing operations in the DJ Basin; can add more than 1 billion BOE of proved reserves.
An additional 25,000 net acres in the Permian Basin.
"We talk about the importance of American energy and the tremendous resource base that American companies can develop in a way that's responsible. This helps support our economy with affordable and reliable energy and allows us to export energy to our allies."
mike wirth
chairman and CEO
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Chevron Corporation published this content on 03 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2023 16:23:25 UTC.
Chevron Corporation is one of the world leading oil and gas groups. Net sales break down by activity as follows:
- refining and distribution (73.1%): at the end of 2022, owned 8 refineries (2.6 million barrels of products sold per day) and a network of 13,800 service stations under the brands Chevron, Texaco, and Caltex throughout the world. The group is also involved in oil and natural gas transportation and production of petrochemical and plastic products;
- exploration and production of oil and natural gas (26.8%): 1.2 million barrels of crude oil, 0.3 million barrels of liquefied natural gas, and 199.6 million m3 of natural gas produced per day in 2022;
- other (0.1%): primarily electricity production.
54.5% of net sales are abroad.