BAKU, Azerbaijan, February 4. Chevron’s U.S. downstream segment reported a loss of $348 million in the fourth quarter of 2024, a significant decline compared to earnings of $470 million in the same period last year, Trend reports.
According to the producer, this underperformance was driven by lower margins on refined product sales, higher operating expenses, and impairments, including severance charges.
For the full year 2024, earnings from the U.S. downstream segment stood at $531 million, a steep drop from the $3.904 billion reported in 2023. The decrease reflected broader market challenges and operational adjustments.
Refinery crude unit inputs, which include crude oil and other inputs, declined by 6% year-over-year in Q4 2024, falling to 893,000 BD from 950,000 BD in Q4 2023. This decrease was attributed to the completion of upgrades at the Pasadena, Texas refinery during the quarter.
On an annual basis, refinery crude unit inputs also fell, averaging 917,000 BD in 2024 compared to 962,000 BD in 2023.