BAKU, Azerbaijan, May 4. Chevron’s international downstream segment posted a solid performance in the first quarter of 2025, with earnings climbing to $222 million — more than double the $100 million recorded in the previous quarter, Trend reports.
However, the results still fell short of the $330 million earned in Q1 2024, reflecting ongoing pressure from weaker refined product margins and unfavorable foreign currency effects.
According to Chevron, the year-over-year drop in earnings was primarily driven by reduced profit margins on refined products and less favorable exchange rate movements compared to the same period last year. Foreign currency effects added just $3 million to earnings in Q1 2025, down from $56 million in Q1 2024.
Operationally, the segment experienced declines across the board. Refinery crude unit inputs slipped to 618 thousand barrels per day (MBD) in Q1 2025, down 5 percent from 651 MBD a year earlier. The decrease was mainly attributed to a planned turnaround at the GS Caltex refinery in South Korea, one of the company’s key international refining assets.
Refined product sales also edged lower, coming in at 1,398 MBD — a 2 percent drop from the 1,430 MBD reported in Q1 2024. Sequentially, sales fell even more sharply, declining by over 10 percent compared to the 1,557 MBD recorded in Q4 2024.
