BAKU, Azerbaijan, May 14. Chevron Corporation has reported a significant increase in its US upstream earnings for 1Q2024 compared to the same period last year, Trend reports.
According to the latest financial data released by Chevron, the company's US upstream earnings soared to $2.075 billion in 1Q2024, marking an uptick from $1.781 billion recorded in the corresponding period of 2023. This surge in earnings was primarily driven by robust sales volumes, including contributions from legacy PDC assets.
However, Chevron noted that the increase in earnings was partially offset by higher depreciation, depletion, and amortization costs, mainly attributed to increased production, as well as lower realizations.
The latest financial report also highlighted Chevron's strong performance in US net oil-equivalent production, which reached 1,573 thousand barrels of oil equivalent per day (mboed) in 1Q2024. This represents a substantial increase of 406,000 barrels per day compared to the same period last year when production stood at 1,167 mboed. The surge in production was primarily fueled by the acquisition of PDC and heightened production activities in the Permian and DJ Basins.
Chevron's robust performance in the U.S. upstream sector comes on the heels of a challenging fourth quarter of 2023 when the company recorded a loss of $1.347 billion.
Meanwhile, Chevron recorded earnings of $5.5 billion for 1Q2024, translating to $2.97 per share on a diluted basis. This marks a decrease from the $6.6 billion, or $3.46 per diluted share, reported in 1Q2023.
