Chevron Extends CEO’s Tenure as Permian Output Surges to Record

Chevron Corp.’s board is waiving the mandatory retirement age for Chief Executive Officer Mike Wirth, giving the company more time to find a successor as it notches record production from the world’s most prolific shale basin.

The oil giant, which typically requires CEOs to step down at age 65, made the announcement Sunday as Chevron posted better-than-expected earnings driven by surging output from the Permian Basin of West Texas and New Mexico. Though Wirth turns 63 later this year, he’ll now be able to stay at the company beyond 2025.

As Chevron’s top boss for the past five ...