BAKU, Azerbaijan, November 6. Chevron's earnings from the US downstream segment in the third quarter of 2023, having outperformed the previous year, totaled $1.3 billion, Trend reports.
Thus, 3Q2023 earning surpassed last year's by 8.3 percent ($1.2 billion in 3Q2022). As the company noted, this is chiefly attributed to improved margins on sales of refined products.
However, if considering year-to-date earnings, Chevron's gain from US downstream segment in 3Q2023 dropped by 19 percent, compared to $4.2 billion recorded a year earlier, and totaled $3.4 billion.
Additionally, there was a rise in crude oil inputs at the refinery - 961 mb/d in 3Q2023 - up by 23 percent, compared to the same period the previous year (779 mb/d in 3Q2022), largely driven by the absence of 2022 turnaround activities at the Richmond, California refinery.
Furthermore, sales of refinery products increased by 4 percent compared to the previous year, primarily owing to increased demand for jet fuel.