Upstream: Chevron's production of crude oil and natural gas — at 2,979 MBOE/d (58% liquids) — dropped 2.6% year over year. The latest volume statistics reflect the Eagle Ford asset sale and the end of the Erawan concession in Thailand. The U.S. output was down 1.4% year over year to 1,167 MBOE/d, while the company's international operations (accounting for 61% of the total) fell 3.4% to 1,812 MBOE/d. With volumes declining from last year, Chevron's upstream segment recorded a profit of $5.2 billion in the first quarter of 2023, 25.6% lower than the $6.9 billion earned in the year-ago period. This was also on account of a drop in oil prices. At $59 per barrel, Chevron's average realized liquids prices in the U.S. were $18 below the year-earlier levels while prices overseas slumped 25.8% to $69 per barrel. Downstream: Chevron's downstream segment recorded a profit of $1.8 billion, surging from last year's figure of $331 million.