BAKU, Azerbaijan, November 6. Chevron reported earnings of $5.7 billion from upstream projects for the third quarter of 2023, marking an increase of 16.3 percent compared to the preceding quarter, which saw earnings of $4.9 billion, Trend reports.
However, when we look back to the same period last year, there was a noticeable dip in earnings (38.7 percent). In 3Q2022, Chevron's upstream earnings stood at a higher $9.3 billion.
A the same time, during the reporting period of 2022, Chevron's year-to-date earnings from upstream activities amounted to $24.7 billion. In contrast, the same figure in 3Q2023 totaled $15.8 billion, thus, showing a decline of 36 percent year-on-year.
Turning to downstream projects, Chevron's earnings in the third quarter of 2023 amounted to $1.6 billion, showing a modest increase when compared to the second quarter's earnings of $1.5 billion in 2Q2023. However, similar to the upstream earnings, there is a noticeable drop when we look at the third quarter of 2022, which registered downstream earnings of $2.5 billion.
In the year-to-date perspective, Chevron's cumulative earnings from downstream activities in 3Q2023 stood at $4.9 billion (down by over 22 percent year-on-year). In contrast, the same period in 2022 (3Q2022 year-to-date) reported more robust earnings of $6.3 billion.