Chevron reports adjusted earnings of $5.4 billion for the first three months of 2024, or $2.93 per share, down 17% year-on-year, despite a 12% increase in global production.

The energy group attributes its lower profits primarily to lower margins on refined product sales and natural gas realizations, which more than offset higher upstream sales volumes in the USA.

U.S. net oil equivalent production was 35% higher than in Q1 2023, mainly due to the acquisition of PDC Energy and continued strong execution in the Permian and Denver-Julesburg basins.

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