Chevron Corp. had first-quarter earnings of $6.6 billion compared with $6.3 billion in first-quarter 2022. Adjusted earnings of $6.7 billion in first-quarter 2023 compared with adjusted earnings of $6.5 billion in first-quarter 2022. First-quarter 2023 earnings increased compared with first-quarter 2022 primarily due to higher margins on refined product sales, partially offset by lower upstream realizations. Capex in the first 3 months of 2023 was up 55% from a year ago primarily due to higher investment in the US.
Chevron’s US upstream earnings were $1.78 billion in first-quarter 2023, lower than $3.24 billion reported for first-quarter 2022, primarily on lower realizations. Chevron’s liquids realization averaged $59/bbl in first-quarter 2023, down from $77/bbl in first-quarter 2022. Net oil-equivalent production was down slightly from first-quarter 2022, primarily due to the Eagle Ford asset sale.
International upstream earnings were $3.38 billion, compared with $3.7 billion a year ago primarily due to lower realizations, lower sales volumes, and higher tax charges related to changes in the energy profits levy in the UK, partially offset by lower operating expenses. Net oil-equivalent production was down 64,000 b/d from a year earlier primarily due to the end of the Erawan concession in Thailand.
US downstream earnings were $977 million for first-quarter 2023, higher than $488 million a year ago primarily due to higher margins on refined product sales, partially offset by higher operating expenses and lower earnings from the 50%-owned Chevron Phillips Chemical Co. Refinery crude oil input decreased 3% compared with a year ago, primarily due to planned turnaround impacts at the El Segundo, Calif. refinery. Refinery product sales were up 3% from a year ago, primarily due to higher renewable fuel sales following the Renewable Energy Group Inc. acquisition and higher jet fuel demand.
International downstream earnings also increased primarily due to higher margins on refined product sales, partially offset by higher operating expenses. International refinery crude oil input increased 1% from the year-ago period as refinery runs increased due to higher demand. Refined product sales increased 10% from the year-ago period, primarily due to higher demand for jet fuel.
