US energy major Chevron reported a net income of more than $6.6 billion for the first quarter of 2023, against a gain of almost $6.2 billion a year ago, according to the company's financial results released on Friday.
The company said the improved financial results were primarily due to higher margins on refined product sales, which were partially offset by lower upstream realizations.
The company's revenue declined to $50.8 billion during the first quarter versus $54.4 billion during the same quarter last year, primarily due to lower commodity prices.
'We’re delivering strong financial results and increasing cash returned to shareholders,' Chevron's chairman and CEO, Michael Wirth, was quoted as saying in the statement.
Wirth said his company is also 'investing more to help grow future energy supplies.'
'We intend to leverage our capital discipline, advantaged assets and financial strength to deliver lower-carbon energy to our customers and superior cash distributions to our shareholders,' Wirth concluded.
By Sibel Morrow