Chevron (CVX) announced its corporate headquarters will relocate from San Ramon, California, to Houston, Texas. The transition of all corporate functions to Houston is expected to be completed over the next five years. Notably, Chevron Chairman and CEO Mike Wirth, along with Vice Chairman Mark Nelson, plan to move to Houston by the end of 2024.
In a series of leadership changes, Nigel Hearne, Executive Vice President, Oil, Products & Gas, will retire. Mark Nelson will be taking over this role effective October 1, 2024. Additionally, Rhonda Morris, Vice President and Chief Human Resources Officer, is set to retire, with Michelle Green, currently Vice President, Human Resources, Oil, Products & Gas, succeeding her starting January 1, 2025. Colin Parfitt, Vice President, Midstream, will also retire, and Andy Walz, presently President, America’s Products, will be appointed President, Downstream, Midstream & Chemicals, effective October 1, 2024.
The Board has declared a quarterly dividend of $1.63 per share, payable on September 10, 2024, to all common stockholders of record as of the close of business on August 19, 2024.
In financial performance, Chevron reported earnings of $4.4 billion, or $2.43 per share, for the second quarter of 2024. This represents a decline from $6.0 billion, or $3.20 per share, in the same period of 2023. Adjusted earnings stood at $4.7 billion, or $2.55 per share, compared to $5.8 billion, or $3.08 per share, previously. Analysts had projected earnings of $2.93 per share, based on figures compiled by Thomson Reuters, generally excluding special items. The decline in earnings was attributed primarily to reduced margins on refined product sales, the absence of favorable tax items from the previous year, and adverse foreign currency impacts.
Revenue for the second quarter increased by 4.7% to $51.18 billion from $48.90 billion the previous year. Chevron's global net oil-equivalent production rose 11 percent, driven mainly by the PDC acquisition and robust performance in the Permian and DJ Basins in the U.S., partially offset by downtime in Australia. Analysts had anticipated revenue figures averaging $50.79 billion.
