Chevron Announces Headquarters Relocation, Leadership Changes

(RTTNews) - Chevron (CVX) said the company's headquarters will move from San Ramon, California, to Houston, Texas. The company expects all corporate functions to migrate to Houston over the next five years. Chevron Chairman and CEO, Mike Wirth, and Vice Chairman, Mark Nelson, will move to Houston before the end of 2024.

The company also announced leadership changes. Nigel Hearne, executive vice president, Oil, Products & Gas, will retire from Chevron. Mark Nelson, Chevron's vice chairman, will take responsibility for Oil, Products & Gas, effective October 1, 2024. Rhonda Morris, vice president and chief human resources officer, will retire. Michelle Green, vice president, Human Resources, Oil, Products & Gas, will succeed Morris as vice president and chief human resources officer, effective January 1, 2025. Colin Parfitt, vice president, Midstream, will retire. The company appointed Andy Walz, currently president, America's Products, to president, Downstream, Midstream & Chemicals, effective October 1, 2024.

The company's Board declared a quarterly dividend of $1.63 per share, payable September 10, 2024, to all holders of common stock as shown on the transfer records of the corporation at the close of business on August 19, 2024.

Chevron reported earnings of $4.4 billion or $2.43 per share for second quarter 2024, compared with $6.0 billion or $3.20 per share, in second quarter 2023. Adjusted earnings was $4.7 billion or $2.55 per share compared to $5.8 billion or $3.08 per share. Analysts on average had expected the company to earn $2.93 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. The company said its earnings decreased primarily due to lower margins on refined product sales, the absence of prior year favorable tax items and negative foreign currency effects.

Revenue for the second quarter rose 4.7% to $51.18 billion from $48.90 billion last year. Worldwide net oil-equivalent production was up 11 percent from a year ago primarily due to the PDC acquisition and strong performance in the Permian and DJ Basins in the U.S. partly offset by downtime in Australia. Analysts on average had estimated $50.79 billion in revenue.

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