Chevron earns €5.146 billion in Q1

The oil company Chevron announced a net profit of $5.501 billion (approximately €5.146 billion) in the first quarter of 2024, a 16% decrease compared to the same period the previous year.

Similar to its rival, Exxon Mobil, the company attributed the decrease in its profits to the reduction of crude oil sales margins in its refineries and the fall in natural gas prices, as indicated in a statement.

Natural gas prices have plummeted by 37% this year due to oversupply, while gasoline sales and distribution margins have also fallen compared to the same period in 2023, according to data from the Energy Information Administration (EIA).

The company had a revenue of $48.716 billion, a 4% decrease year-on-year.

Its production between January and March was 3.346 million barrels per day of oil-equivalent products, a 12% increase compared to the same period in 2023, due to the acquisition of PDC bits (a tool for drilling oil fields) and the company's good operational results in the Permian Basin of the United States.

"We have had another quarter of strong operational and financial performance, delivering superior returns to shareholders," said Chevron's president and CEO, Mike Wirth, in the statement, who celebrated the 35% increase in production in the U.S.

By divisions, the hydrocarbon extraction or "upstream" division earned $5.239 billion in the quarter, a 1.5% increase compared to the same period in 2023; while the refining or "downstream" division made a profit of $783 million, a 56% decrease from the first three months of 2023.

Chevron is currently embroiled in a dispute with its rival Exxon Mobil over the acquisition of the energy company Hess, which is expected to be completed in 2024.

Following the announcement of the results, the company's shares were down 0.89% in early trading on the Wall Street stock exchange.