BAKU, Azerbaijan, November 6. Chevron's earnings from the international downstream sector were reduced compared to the previous year, primarily due to decreased margins on the sale of refined products and diminished positive effects from foreign currency, the company said, Trend reports.
Thus, the company's revenues from this particular sector in the reporting period of 2023 dropped fourfold to $307 million from over $1.2 billion in 3Q2022.
At the same time, Chevron's earnings from the international downstream projects during the third quarter of the current year also decreased by 28 percent, compared to the preceding quarter ($426 million in 2Q2023).
As for year-to-date gains, the energy giant received over $1.5 billion in 3Q2023 - down by 28.5 percent year-on-year ($2.1 billion in 3Q2022).
Meanwhile, the company also reported a 4-percent decline in crude oil inputs at the refineries compared to the same period in the previous year, as refinery operations were curtailed due to planned shutdowns.
In addition, sales of refinery products remained at a similar level as the previous year, with higher jet fuel sales resulting from increased air travel balancing out lower demand for gasoline, Chevron noted.
