Chevron announced its Q4 2023 earnings on 2 February, reporting a figure of $2.3 billion, down from its Q4 2022 number of $6.4 billion – representing a 64.1% decline. The company has attributed the decline to lower upstream realizations, impairment charges, lower margins on refined product sales and decommissioning obligations from previously sold assets.
Nonetheless, Chevron Chairman and CEO Mike Wirth noted that it “produced more oil and natural gas than any year in the company’s history.” He added, “We also strengthened our portfolio with traditional and new energy acquisitions to help meet the growing demand for affordable, reliable and ever-cleaner energy.”
Those acquisitions included the likes of PDC Energy and a majority stake in ACES Delta as well as an agreement to acquire Hess Corporation. Worldwide production climbed 4% from one year ago, which was primarily attributed to the acquisition of PDC Energy.