BAKU, Azerbaijan, November 6. Chevron's international upstream earnings in the third quarter of 2023, in comparison to the previous year, saw a decrease, primarily attributed to reduced realizations and diminished sales volumes, the company said, Trend reports.
Thus, the company's gain from international upstream projects in the 3Q2023 totaled $3.6 billion, which is a decrease of 39 percent year-on-year ($5.9 billion in 3Q2022).
Although, this figure increased slightly by 9 percent, compared to the preceding quarter ($3.3 billion in 2Q2023).
Chevron's international upstream year-to-date earnings in the reporting period of 2023 amounted to $10.3 billion - down by over 30 percent year-on-year ($14.8 billion in 3Q2022).
However, this decrease was partially mitigated by a favorable one-time tax benefit of $560 million in Nigeria and the influence of foreign currency effects, the company reported.
Moreover, according to Chevron, net oil-equivalent production declined by 112,000 barrels per day from the previous year, mainly due to increased impacts from turnarounds, shutdowns, and typical field production declines.