In the Upstream division, worldwide net oil-equivalent production was 3.08 million barrels per day, unchanged from a year ago. The US upstream recorded a loss due to impairment charges primarily associated with Appalachia shale and Big Foot, lower crude oil and natural gas realizations.
International upstream operations recorded a 69% dip in earnings due partially to write-offs and impairment charges associated with Kitimat LNG and other gas projects, as well as lower natural gas realizations and volumes. The foreign currency effects had an unfavorable impact on earnings.
In the US downstream operations, earnings fell by 91% mainly due to higher margins on refined product sales and lower operating expenses. Refinery crude oil input rose by 6% primarily due to the acquisition of the Pasadena refinery in Texas. However, refined product sales rose by 2%.
In the international downstream operations, earnings plunged by 69% due to lower margins on refined product sales and the unfavorable impact of foreign currency effects. Refined product sales decreased by 9% mainly due to lower diesel and gasoline sales.
The company paid $9 billion in dividends, repurchased $4 billion of shares, funded its capital program and successfully captured several inorganic investment opportunities, all while reducing debt by more than $7 billion. Earlier this week, Chevron announced a quarterly dividend increase of $0.10 per share, reinforcing its commitment to growing shareholder returns.