Chevron’s recent acquisition of PDC Energy has had a significant impact on the company’s net production in the United States during the fourth quarter. The company has achieved a new high in this regard.
Upstream Business
Chevron reported a 34% increase in U.S. net oil-equivalent production compared to the fourth quarter of 2022. This growth can be attributed to the acquisition of PDC Energy, which added 266,000 oil-equivalent barrels per day to Chevron’s production during the quarter. Additionally, higher production in the Permian Basin has contributed to this positive trend. However, internationally, net oil-equivalent production declined by 1.4% due to normal field declines.
Chairman and Chief Executive Mike Wirth highlighted that the annual worldwide net oil-equivalent production exceeded 3.1 million barrels of oil-equivalent per day, experiencing a 14% growth in the United States.
Downstream Business
Chevron’s downstream business also saw noteworthy developments. In the United States, refinery crude oil inputs increased by 4% as Chevron focused on processing more crude oil instead of other feedstocks. As a result, refined product sales in the fourth quarter of 2023 experienced a 5% increase compared to the same period in the previous year, primarily driven by a higher demand for jet fuel.
Internationally, refinery crude oil inputs dropped by 4% due to planned shutdowns. However, despite this decline, refined product sales remained flat compared to the fourth quarter of last year.
It is clear that Chevron’s recent acquisition and strategic decisions have positively influenced its production and sales figures in both the upstream and downstream sectors.
