BAKU, Azerbaijan, February 5. Chevron's earnings from upstream projects in the US amounted to $4.1 billion in 2023, Trend reports.
According to the company's latest financial results, this volume dropped three times year-on-year ($12.6 billion in 2022).
In 4Q2023, Chevron's US upstream division reported a loss of $1.3 billion, compared to a surplus of over $2 billion in 3Q2023, and $2.6 billion in 4Q2022.
This decrease was primarily attributed to charges related to decommissioning obligations for previously sold assets in the US Gulf of Mexico, increased impairment charges primarily from assets in California, and reduced realizations, the company explained.
However, these negative factors were partially offset by higher sales volumes, including contributions from production following the PDC acquisition, Chevron noted.
Meanwhile, US net oil-equivalent production witnessed a significant 34 percent increase from the fourth quarter of 2022, setting a new quarterly record, the energy giant said. This surge was primarily driven by the PDC acquisition, which contributed 266,000 oil-equivalent barrels per day during the quarter, and increased production in the Permian Basin.
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.
