BAKU, Azerbaijan, February 6. Chevron's refinery crude oil inputs in the US amounted to 934 mb/d in 2023, Trend reports.
According to the company's latest report, this marked an increase of almost 8 percent year-on-year (866 mb/d in 2022).
As such, Chevron's earnings from the US downstream segment over the last year amounted to $3.9 billion - down from $5.3 billion in 2022.
In 4Q2023, the US processing of crude oil inputs increased by 4 percent, compared to the same period of 2022 (888 mb/d), and reached 923 mb/d, as the company opted for increased utilization of crude oil over other feedstocks.
Refined product sales in 4Q2023 saw a 5-percent rise, compared to the corresponding period of 2022, mainly driven by heightened demand for jet fuel.
Meanwhile, US downstream earnings in 4Q2023 ($470 million) were significantly lower year-on-year ($1.1 billion), primarily due to lower margins on refined product sales.
Chevron's total 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.