BAKU, Azerbaijan, May 14. Chevron Corporation has reported a decline in its international upstream earnings for 1Q2024 compared to the same period last year, citing lower natural gas realizations as a primary factor, Trend reports.
According to the latest financial data released by Chevron, the company's international upstream earnings amounted to $3.164 billion in the reporting period of 2024, down from $3.380 billion recorded in 1Q2023.
The decrease in earnings was primarily attributed to lower natural gas realizations. However, this was partly offset by favorable tax impacts, including the absence of tax charges related to the energy profits levy in the UK that were incurred in the first quarter of 2023, as well as higher liquids realizations and favorable foreign currency effects. In the previous quarter, Chevron's international earnings totaled $2.933 billion.
At the same time, Chevron maintained a strong operational performance in international net oil-equivalent production. The company reported a production level of 1,773 thousand barrels of oil equivalent per day (mboed) in 1Q2024, representing a decrease of 39,000 barrels per day compared to the same period last year when production stood at 1,812 mboed.
The decline in production was primarily due to a planned turnaround in Nigeria and normal field declines, partially offset by stronger operational performance at Tengizchevroil, the producer explained. In 4Q2023, Chevron's international net oil-equivalent production totaled 1,794 mboed.