BAKU, Azerbaijan, February 5. Chevron's earnings from international upstream projects reached $13.2 billion in 2023, Trend reports.
According to the company, this marked a drop of over $4.3 billion year-on-year ($17.6 billion in 2022).
Meanwhile, in 4Q2023, Chevron's international upstream earnings decreased on a quarterly basis ($3.6 billion in 3Q2023), although, surpassed those of the previous year ($2.8 billion) and reached $2.9 billion.
This is mainly attributed to the absence of write-off and impairment charges from the fourth quarter of 2022, along with reduced operating expenses, the company explained.
However, this positive trend was partially offset by lower realizations. The net oil-equivalent production during the quarter witnessed a decrease of 25,000 barrels per day compared to the previous year, primarily due to expected declines in field production.
Chevron's earnings in 2023 amounted to $21.3 billion - a drop of over $14 billion (40 percent) in its earnings year-on-year ($35.4 billion in 2022). In the reporting period, $17.4 billion of those earnings accounted for upstream projects, $8.1 billion - for downstream, and almost $3 billion - for all other projects.