Herringbone (NYSE: CLC) on Thursday announced a plan to simplify its organizational structure, consolidating its upstream, midstream and downstream business segments under a new executive vice president who will oversee the entire value chain called Oil, Products and Gas. .
The new segment will be led by Nigel Hearne, who previously served as the company’s president of Europe, Asia and Pacific production.
As part of the restructuring, which will take effect on October 1, Chevron (CVX) announced that it will consolidate its two upstream regions into Americas exploration and production and international exploration and production.
“The new leadership structure should enable a more integrated approach to capital allocation, asset class excellence and value chain optimization, and facilitate more effective external engagement and impact on business development,” the company said.
Chevron (CVX) shares are on course for their fifth consecutive daily gain, hitting an all-time intraday high of $177.93.
Chevron (CVX) “has the financial wherewithal to guarantee that the dividend will remain intact and will most likely be increased Y/Y,” wrote David Alton Clark in recently published bullish analysis on Seeking Alpha.