BAKU, Azerbaijan, February 3. Chevron’s international upstream earnings experienced a decline in the fourth quarter and the full year 2024, reflecting lower realizations and higher costs, Trend reports.
According to the producer's latest financial statement, in Q4 2024, international upstream earnings were $2.884 billion, slightly down from $2.933 billion in Q4 2023. The decrease was attributed to lower realizations and higher operating expenses, partly due to severance charges and impairments. These impacts were partially offset by favorable foreign currency effects, particularly in Australia.
For the full year 2024, international upstream earnings totaled $11 billion, a notable drop from $13.29 billion in 2023. The decline was driven by lower liftings, reduced realizations, and strategic asset adjustments, such as the sale of Canadian assets and the exit from Myanmar.
Liquids realization for the year remained stable at $71.38 per barrel, compared to $71.70 in 2023. However, natural gas realization decreased slightly to $7.32 per MCF in 2024, down from $7.69 in 2023.