This amount is related to US assets, mainly in California, where the group faces “continuous regulatory challenges” and the closure of activities that were going to be sold to companies that later declared bankruptcy, the group said in a statement published on the site. website of the entity that controls the United States Stock Exchange (SEC).
Chevron got a net profit of 12,584 million dollars (about 11,500 million euros) in the first half of 2023a decrease of 29.6% compared to the same period in 2022.
The billing of the American oil company fell 19% between January and June 2023 when compared to the same period of the previous year to 99,689 million dollars, of which 48,896 million were received during the second quarter of the year (-29%).
The company said that, during the second quarter, revenue fell due to lower hydrocarbon extraction and reduced margins on the sale of refined products.
The company’s production between January and June 2023 was 2.97 million barrels per day of oil equivalent product, 0.3% less than in the same period of 2022, due to the worse performance during the first quarter due to the completion of the concession in the Erawan wells in Thailand.
The Chevron Extraction
However, it increased 2% in the second quarter compared to 2022 to 2.96 million barrels of oil equivalent per day thanks to “the record production” of 772,000 barrels per day in the Permian Basin (United States).
By division, the hydrocarbon extraction or “upstream” division earned 10,097 million dollars during the first half, which represents a drop of almost 35% year-on-year, while the refining or “downstream” division obtained a profit of 3,307 million, 14.2% less than a year ago.
The president and CEO of the company, Mike Wirth, has assured that the quarterly financial results “continue to be solid” and that they have returned “a record amount of cash” to shareholders.
Source: With information from AFP and other sources
