CEO mike wirth talks record production on CNBC

On the heels of strong quarterly performance, Chevron Chairman and CEO Mike Wirth appeared on CNBC to talk numbers and his aspirations for the company following the announcement of his extended tenure.

Three big takeaways:

• Record production in the Permian Basin
• Board of directors waives mandatory retirement age for CEO
• PDC acquisition expected to close in August 2023

Adding to the U.S. energy supply is one way to keep energy prices affordable. In the Permian Basin, Chevron is hitting production highs with 772,000 barrels per day, an 11% increase over the same period in 2022.

*Quarterly record

Wirth is expected to remain in his role beyond 2025. The Board waived the mandatory retirement age of 65, saying it views Wirth, 62, as key to Chevron’s upward trajectory.

“Mike has done an extraordinary job leading Chevron in a dynamic environment and delivering outstanding financial and operational results. We look forward to his continued leadership,” said Dr. Wanda M. Austin, lead director at Chevron.

Chevron announced other leadership changes in late July. Eimear Bonner, vice president and chief technology officer and president of the Chevron Technical Center, will become CFO on March 1, 2024. She will succeed Pierre Breber, who is retiring.

Chevron is expected to close on the acquisition of PDC Energy this month. The move adds acreage in key US production hubs and will allow Chevron to deliver higher returns in lower carbon intensity basins. This includes:

• An additional 275,000 net acres next to Chevron’s existing operations in the DJ Basin; can add more than 1 billion BOE of proved reserves.
• An additional 25,000 net acres in the Permian Basin.