Chevron CEO Watson to step down

Cornelia Mascio
Agosto 22, 2017

Chevron (CVX) got a little bit of a bump this afternoon after the Wall Street Journal reported that its CEO is "planning to step down".

Under Watson, a 60-year-old Chevron veteran who became CEO in 2010, the company has been shifting additional resources to shale oil projects that promise quicker returns. Wirth also carries the title of executive vice president of midstream and development. Board members at Chevron see Wirth as having the necessary experience to cut costs at large processing plants, the Journal reported.

Watson, an economist by training, rose through the company's ranks, served as its chief financial officer, and earlier oversaw the integration of Texaco operations following the 2000 acquisition. "As a practice, we do not comment on rumor or speculation", a Chevron spokesperson told CNBC.

Chevron's stock price did not change significantly after the news broke.

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.

Chevron plans for more stations to open in the Sonora, Sinaloa, Baja California, and Baja California Sur states. Chevron raised sales and other operating revenues in Q2 2017 to US$33 billion, up from US$28 billion in same period a year ago.

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