BAKU, Azerbaijan, February 4. Chevron’s U.S. refined product sales for Q4 2024 averaged 1.257 million barrels per day (MBD), down 3% from 1.298 MBD in Q4 2023, Trend reports.
According to the producer, the reduction was driven primarily by lower demand for jet fuel, partially offset by increased gasoline consumption. This shift highlights evolving consumption patterns in the U.S. energy market.
For the full year 2024, refined product sales remained stable, averaging 1.286 MBD compared to 1.287 MBD in 2023. The consistency over the year suggests that while quarterly demand fluctuated, the overall market remained relatively steady.
Despite a strong focus on operational upgrades, including the completed refinery modernization in Pasadena, Texas, Chevron’s downstream segment faced headwinds from declining margins and changing product demand. The company is expected to adapt further to these dynamics in the coming quarters.
Meanwhile, 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.
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.