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In
a rare preview of its results that coincided with the announced
retirement of its finance chief, Chevron disclosed a $6 billion
net profit in the quarter ended June 30. Full results will be
disclosed on Friday.
While that profit is almost half of the record profit in the
same period last year, the $3.08 a share adjusted profit beat
Wall Street's $2.97-a-share consensus estimate.
"The macro price environment has softened a little bit versus
the first quarter," Wirth said in an interview outlining changes
to the company's financial and operating executive team. "It is
still a strong quarter."
"We had high levels of operating performance (and) very, very
little unplanned downtime across our portfolio," Wirth said.
Chevron's oil and gas production in the Permian Basin, the top
U.S. shale field, hit 772,000 barrels a day. The volume was "the
highest quarter we've ever had in the Permian and 10% over the
same quarter last year," Wirth said.
The company's expansion project in Kazakhstan "continues to be
on schedule and on budget," he added.
Wirth signaled the company is still open to M&A deals and to
increasing shareholder distributions.
"We've got the ability to do both," Wirth said. "We don't have
to trade off one against the other."
The company earlier this year agreed to acquire PDC Energy for
$7.6 billion in cash and acquired debt. The deal is set to close
next month.
"We will go up to about 400,000 barrels a day in DJ basin, which
is roughly twice what it is today, when the deal closes," Wirth
said.
(Reporting by Sabrina Valle in Houston; Editing by Chris Reese)
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