By Mary de Wet
Chevron’s acquisition of PDC Energy helped boost its U.S. net production to a new high for the company in the fourth quarter.
On its upstream business:
“U.S. net oil-equivalent production was up 34 percent from fourth quarter 2022 and set a new quarterly record, primarily due to the acquisition of PDC, which added 266,000 oil-equivalent barrels per day during the quarter, and higher production in the Permian Basin,” Chevron said.
Internationally, net oil-equivalent production fell 1.4% in the quarter, which Chevron attributed to normal field declines.
“Annual worldwide net oil-equivalent production increased to over 3.1 million barrels of oil-equivalent per day, led by 14% growth in the United States,” Chairman and Chief Executive Mike Wirth said.
On its downstream business:
In the U.S., refinery crude oil inputs rose 4% as Chevron processed more crude oil in place of other feedstocks. “Refined product sales in fourth quarter 2023 were up 5% from the year-ago period, primarily due to higher demand for jet fuel.”
Internationally, refinery crude oil inputs fell 4% amid planned shutdowns. “Refined product sales during the quarter were flat compared to fourth quarter last year.”
Write to Mary de Wet at mary.dewet@dowjones.com