Chevron (NYSE: CVX) pre-announced its second-quarter earnings on Sunday July 23rd. The results were excellent and featured record-high Permian Basin production of 772,000 barrels of oil equivalent per day (boe/d).

Another major news item was that Chevron will allow CEO Mike Wirth, who turns 63 this year, to remain CEO past the company's mandatory retirement age of 65. Wirth became CEO in February 2018. Meanwhile, CFO Pierre Breber will retire in 2024. Wirth cited his efforts in pursuit of "higher returns and lower carbon" as two reasons why he wants to stay on as CEO.

Under Wirth's tenure, Chevron reduced the debt on its balance sheet, raised its dividend every year, and improved the efficiency of its oil and natural gas businesses while also investing in low-carbon alternatives.

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Source Fool.com