Chevron Q3 Earnings Down 21% vs 3Q24 on Weaker Upstream


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, N.J. (DTN) --- Chevron reported third quarter earnings of $3.5 
billion, down 21% from $4.5 billion in the third quarter 2024, as higher 
production volumes were offset by lower upstream realizations, weaker oil 
prices and acquisition costs for Hess Corp., the company said.

   Sales and other operating revenues in the third quarter were $48.17 billion, 
down from $48.93 billion in the year-ago period due primarily to lower crude 
prices, which fell 16% on the year, according to the release.

   U.S. upstream earnings totaled $3.3 billion versus $4.59 billion last year, 
primarily on lower realizations partially offset by higher production volumes 
in the Permian Basin, Chevron said.

   U.S. net oil-equivalent production was up 435,000 bpd from third quarter 
2024, primarily due to strong performance that boosted U.S. production by a 
record 27%, the company said.

   Chevron's third quarter U.S. downstream earnings at $1.137 billion were 
higher from $595 million in the year ago quarter, mostly due to higher margins 
on refined product sales, according to the release.

   Refinery crude oil inputs increased 7% from the year-ago period, primarily 
due to increased capacity at the Pasadena, Texas refinery, the company said.

   Refinery product sales were down 0.7% from the year ago period, primarily 
due to lower gasoline and diesel demand, Chevron said.

    




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