Upstream Earnings Boosted by Price and Volume Gains
U.S. upstream earnings surged $2.1 billion, driven by higher liquids realizations ($2.1 billion) and increased sales volumes ($1.1 billion), partially offset by higher depreciation ($590 million). International upstream added $3.3 billion, with favorable timing effects of $570 million.
Record Production Achieved After Hess Acquisition
Worldwide net oil-equivalent production reached a new quarterly record of 3.97 million barrels per day, up 18% year-over-year, driven by the Hess acquisition and growth in the Permian Basin and Gulf of America.
Downstream Margins Surge on Refined Product Strength
U.S. downstream earnings increased by $2.0 billion, primarily due to higher margins on refined product sales ($1.7 billion) and a $290 million boost from the CPChem affiliate. International downstream added $2.1 billion, including $230 million from an asset sale gain.