Why did Chevron's operating profit drop in Q2 2023?

Chevron's operating profit dropped in Q2 2023 due to lower margins on refined product sales and adverse foreign currency effects.

1. Refined Product Sales Margins: The company experienced lower margins on refined product sales, which directly impacted its operating profit. This decline in margins could be attributed to various factors such as market conditions, competition, or changes in consumer demand.
2. Foreign Currency Effects: Adverse foreign currency effects also contributed to the decline in operating profit. This suggests that the company faced challenges related to currency fluctuations, which negatively affected its financial performance during the quarter.

In summary, Chevron's operating profit drop in Q2 2023 was likely a result of a combination of lower refined product sales margins and adverse foreign currency effects.