IREN proposes $875 million convertible notes offering due 2031
HOUSTON - Chevron Corporation (NYSE:CVX), a prominent player in the Oil, Gas & Consumable Fuels industry with a market capitalization of $312.5 billion, announced Monday that Kevin McLachlan will become Vice President of Exploration effective November 1, overseeing the company’s worldwide exploration program.
McLachlan will replace Liz Schwarze, who is retiring in February 2026 after 36 years with the company. He will be based in Houston and brings extensive experience in international oil and gas exploration, development, production, and carbon capture and storage. According to InvestingPro data, Chevron has maintained strong financial health with an EBITDA of $36.6 billion in the last twelve months.
"Kevin will be an important addition to the Exploration organization," said Clay Neff, president of Chevron Upstream, in a press release statement.
McLachlan has previously held senior leadership and executive roles at companies including TotalEnergies SE, Murphy Oil Corporation, Nexen Inc., and ExxonMobil Corporation. He holds a Bachelor of Science in Geophysics from the University of Calgary.
Schwarze has worked across multiple aspects of Chevron’s portfolio during her career. Neff acknowledged her contributions, noting her "thoughtful and collaborative leadership" that improved business outcomes throughout her tenure.
Chevron is one of the world’s leading integrated energy companies, producing crude oil and natural gas while manufacturing transportation fuels, lubricants, petrochemicals and additives. The company also develops technologies to enhance its business operations. With a 4.4% dividend yield and a 37-year streak of dividend increases, Chevron demonstrates strong shareholder returns. InvestingPro subscribers can access 8 additional exclusive tips and comprehensive analysis in the Pro Research Report, helping investors make more informed decisions about this energy giant.
In other recent news, Chevron announced that the fire at its El Segundo refinery has been fully extinguished, following a significant explosion last Thursday. The company noted that operational adjustments are being made to ensure the facility’s continued safe operation. Meanwhile, Chevron is reportedly in the process of selling its pipeline assets in the Denver-Julesburg shale basin, with the deal potentially exceeding $2 billion. Bank of America is assisting in gauging interest for these assets. Additionally, TD Cowen has adjusted its price target for Chevron to $160, reflecting the company’s third-quarter guidance update related to its acquisition of Hess. UBS has reiterated a Buy rating on Chevron, setting a price target of $197, despite expected negative impacts on third-quarter 2025 GAAP earnings due to the Hess transaction. These developments highlight Chevron’s ongoing strategic adjustments and financial evaluations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.