Chevron profits fall to $5.8 billion in preliminary results for Q2 of 2023

Chevron, the second-largest U.S. oil firm, reported second-quarter earnings on Sunday that its net profit declined to $5.8 billion, or $3.08 per share, with the announcement of the retirement of the corresponding CFO.

The company also announced its chief financial officer, Pierre Breber, is retiring after 35 years at the company. Eimear Bonner, the chief technology officer, will succeed him starting in March 2024.

“The macro price environment has softened a little bit versus the first quarter,” Chief Executive Michael Wirth said in an interview outlining changes to the company’s financial and operating executive team. “It is still a strong quarter.”

It is worth mentioning that company also produced 772,000 barrels of oil equivalent at the Permian Basin, another record quarter.