How does Chevron's Q1 2024 revenue compare to past quarters?

Chevron's Q1 2024 revenue is expected to be lower compared to past quarters due to several factors:

1. Oil and Gas Prices: Lower oil and natural gas prices have been a significant challenge for Chevron. In Q1 2023, the company's upstream segment reported a quarterly profit of $1.6 billion, which was a significant decline from the year-earlier adjusted profit of $8.8 billion. This decline is due to softer realizations in oil and natural gas, as well as decreased margins from U.S. refined product sales.
2. Production Volumes: While Chevron's domestic oil output increased by 4% year-over-year, reaching 1,598 thousand oil-equivalent barrels per day (MBOE/d), its international output dropped by 7% primarily due to the end of concessions in Thailand and Indonesia. The overall net production fell 3% year-over-year to 3.01M BOE/d.
3. Market Conditions: The overall energy market is influenced by global supply and demand dynamics, geopolitical tensions, and fluctuations in inventory levels. In Q1 2024, the IEA is forecasting very tight crude oil supplies, with higher crude oil prices anticipated due to growing global demand and tight supply. However, these factors may not fully offset the impact of lower oil and gas prices seen in previous quarters.

In conclusion, Chevron's Q1 2024 revenue is likely to be lower compared to past quarters due to a combination of lower oil and gas prices and decreased production volumes in certain regions.