BAKU, Azerbaijan, February 3. Chevron posted a strong increase in refined product sales in 4Q 2024 and across the full year, driven by higher trading volumes, Trend reports.
In 4Q 2024, refined product sales surged to 1.557 million barrels per day (MBD), marking an 8% increase from 1.437 MBD in 4Q 2023. This also represented an improvement from 1.507 MBD in 3Q 2024, indicating quarterly growth in sales activity.
For the full year 2024, refined product sales averaged 1.495 MBD, up from 1.445 MBD in 2023. The company credited this expansion to a rise in trading volumes, suggesting strong demand despite the challenges in refining margins.
The growth in product sales aligns with the 3% increase in refinery crude unit inputs, which reached 651 MBD in 4Q 2024, up from 634 MBD in 4Q 2023. The increased input capacity, particularly due to the absence of a turnaround in Singapore, likely contributed to the rise in refined product availability.