BAKU, Azerbaijan, November 6. Chevron's US upstream earnings in the third quarter of 2023 amounted to a little over $2 billion, Trend reports.
According to the company, US upstream earnings were diminished year-on-year by over 40 percent ($3.4 billion in 3Q2022), mainly due to reduced realizations, although partially offset by the earnings generated from PDC Energy, Inc.
Although, on a quarterly basis, Chevron's upstream earnings in 3Q2023 in the US increased slightly by 25 percent, compared to $1.6 billion in 2Q2023.
Meanwhile, Chevron's US year-to-date upstream earnings in the reporting period of 2023 totaled $5.4 billion - down by 46 percent year-on-year ($10 billion in 3Q2022).
Furthermore, US net oil-equivalent production witnessed a notable 20 percent increase from the third quarter of 2022, marking a new quarterly record.
As the company noted, this surge in production can be predominantly attributed to the acquisition of PDC Energy, Inc., which contributed an additional 179,000 oil-equivalent barrels per day during the quarter, coupled with increased net production in the Permian Basin.