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Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

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Chevron CEO Reported To Announce Retirement In September

Oil

Oil giant Chevron will announce the retirement of its CEO John Watson in September, according to a new report from The Wall Street Journal on Tuesday.

New Vice Chairman Michael Wirth, 56, will likely replace Watson after his seven-year tenure atop the American company. Wirth also carries the title of executive vice president of midstream and development.

Chevron is the United States’ second-largest oil company, after Exxon Mobil, another fossil fuel giant that saw a CEO change this year. President Donald Trump named former Exxon head Rex Tillerson to the secretary of state role, prompting Darren Woods’ ascendance to the role.

"We cannot confirm the Journal's reporting. As a practice, we do not comment on rumor or speculation," a Chevron spokesperson told CNBC. Chevron’s board is yet to confirm Wirth as Watson’s successor.

Chevron’s stock price did not change significantly after the news broke. At the time of this article’s writing, the company’s shares (CVX) traded up $0.64, or 0.62 percent, at $106.41.

The shift comes as Chevron expands its presence in Mexico, according to an announcement by the company last Thursday.

The company will open its first Chevron-branded station in Mexico in the coming weeks, and will work with local partners in the importation, distribution, and commercialization of refined products in Mexico, a statement said.

“We look forward to growing our presence further in the country,” Brant Fish, Chevron’s vice president of Americas Products, said.

Related: Forget Oil Prices, Oil Majors Are A Buy

Chevron plans for more stations to open in the Sonora, Sinaloa, Baja California, and Baja California Sur states.

Chevron Corporation returned to a net profit in the second quarter of this year, driven by lower expenses and higher production, but earnings per share $0.77 fell short of the analyst consensus estimate of $0.86. Chevron raised sales and other operating revenues in Q2 2017 to US$33 billion, up from US$28 billion in same period last year. 

By Zainab Calcuttawala for Oilprice.com

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