• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 2 mins US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 6 hours How many drilling sites are left in the Permian?
  • 9 hours "Undeniable" Shale Slowdown?
  • 7 hours China To Promote Using Wind Energy To Power Heating
  • 4 hours Gas Flaring
  • 1 hour Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 6 hours Climate Change Protests
  • 2 hours Overheating the Earth: High Temperatures Shortened Alaska’s Winter Weather
  • 1 day Oil at $40
  • 22 hours Japan’s Deflation Mindset Could Be Contagious
  • 1 day Negative Gas Prices in the Permian
  • 6 hours Tax Credits for Energy Storage
  • 6 hours Everything Is Possible: Germany’s Coal Plants May Be Converted to Giant Batteries
  • 18 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter

Breaking News:

Guaido Takes Strides To Topple Maduro

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

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News