Chevron Corporation NYSE CVX reported on Friday lower-than-expected earnings for the third quarter, as international downstream weakness and maintenance at both the upstream and downstream operations weighed on profits. Chevron booked earnings of $6.5 billion, or $3.48 per diluted share, for the third quarter of 2023, compared with $11.2 billion, or $5.78 per diluted share for the third quarter of 2022.
net oil-equivalent production, which rose by 20% compared to the third quarter 2022, primarily due to the acquisition of PDC Energy, which added 179,000 oil-equivalent barrels per day during the quarter, and net production increases in the Permian Basin. However, international net oil-equivalent production was down by 112,000 barrels per day from a year earlier, chiefly due to higher impacts from turnarounds, shutdowns, and normal field declines. In the downstream segment, U.S.
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