Operationally, performance was highlighted by record crude throughput across U.S. refineries at 1.093 million barrels per day—operating at 98% capacity utilization—which fueled a surge in U.S. downstream earnings to $3.585 billion on wider product margins. In the upstream segment, total net oil-equivalent production reached 3,980 MBOED, with U.S. production holding above 2 million BOED for the fifth consecutive quarter as Gulf of Mexico ramp-ups at Ballymore, Whale, and Anchor offset Bakken declines. International upstream earnings rose to $2.405 billion despite production slipping to 1,937 MBOED due to Middle East conflict disruptions and lower price entitlements. Strategically, Chevron advanced several long-term growth initiatives, including plans to invest $7 billion over five years to more than double production in Venezuela, agreements to cut Bakken midstream costs by roughly 50%, an offshore discovery in Angola's Lower Congo Basin, and an exploration agreement in Libya's Sirte Basin.
Operationally, performance was highlighted by record crude throughput across U.S. refineries at 1.093 million barrels per day—operating at 98% capacity utilization—which fueled a surge in U.S. downstream earnings to $3.585 billion on wider product margins. In the upstream segment, total net oil-equivalent production reached 3,980 MBOED, with U.S. production holding above 2 million BOED for the fifth consecutive quarter as Gulf of Mexico ramp-ups at Ballymore, Whale, and Anchor offset Bakken declines. International upstream earnings rose to $2.405 billion despite production slipping to 1,937 MBOED due to Middle East conflict disruptions and lower price entitlements. Strategically, Chevron advanced several long-term growth initiatives, including plans to invest $7 billion over five years to more than double production in Venezuela, agreements to cut Bakken midstream costs by roughly 50%, an offshore discovery in Angola's Lower Congo Basin, and an exploration agreement in Libya's Sirte Basin.