Chevron Corp. posted third-quarter 2022 adjusted earnings of $10.8 billion compared with adjusted earnings of $5.7 billion in third-quarter 2021.
US upstream operations earned $3.4 billion in the quarter, compared with $1.96 billion a year earlier. The improvement was primarily due to higher realizations and higher volumes, partially offset by the absence of third-quarter 2021 asset sale gains.
International upstream operations earned $5.91 billion in the third quarter, compared with $3.17 billion a year ago. The increase in earnings was primarily due to higher realizations, partially offset by lower sales volumes. Foreign currency effects had a favorable impact on earnings of $155 million compared to last year’s third quarter.
US downstream operations earnings were $1.29 billion in the quarter, compared with earnings of $1.08 billion a year earlier. The increase was mainly due to higher margins on refined product sales, partially offset by lower earnings from the 50%-owned Chevron Phillips Chemical Co. and higher operating expenses that were largely associated with planned turnarounds.
International downstream operations reported earnings of $1.24 billion, compared with $227 million a year earlier. The increase was mainly due to higher margins on refined product sales and a $56 million favorable swing in foreign currency impacts compared to last year’s third quarter.
Worldwide net oil-equivalent production was 3.03 million b/d in the quarter. International production decreased 3% primarily due to the end of concessions in Thailand and Indonesia, while US production increased 4% percent compared with the same period a year ago, mainly in the Gulf of Mexico and the Permian basin.
US net oil-equivalent production of 1.18 million b/d in the quarter was up 49,000 b/d from a year earlier. The increase was primarily due to net production increases in the Gulf of Mexico, due to the absence of third-quarter 2021 weather impacts, and in the Permian basin.
International net oil-equivalent production of 1.85 million barrels per day in third quarter 2022 was down 56,000 barrels per day from third quarter 2021. The decrease was primarily due to the absence of production following expiration of the Erawan concession in Thailand and Rokan concession in Indonesia, partially offset by the absence of third-quarter 2021 planned turnaround impacts at Tengizchevroil.
Refinery crude oil input of 651,000 barrels per day in third quarter 2022 increased 11 percent from the year-ago period as refinery runs increased due to higher demand.
Refined product sales of 1.44 million barrels per day in third quarter 2022 increased 4 percent from the year-ago period, mainly due to higher demand for jet fuel as restrictions from the pandemic continue to ease.
Capital expenditures in 2023 are expected to come in around $17 billion, the high end of previous guidance.