What drove Chevron's expense changes in 2023?

Chevron's 2023 expense changes were primarily driven by:

1. Increased Taxes: Chevron paid nearly $4 billion in taxes to host governments in 2023, with the highest amount going to the Australian government. This was the highest amount reported by any country globally.
2. Operating Setbacks: The company faced operational setbacks at key oil-producing regions such as the U.S. Permian and Kazakhstan, which negatively impacted its performance. Additionally, its hoped-for acquisition of rival Hess Corp. faced delays, further impacting its growth plans.

These factors combined to increase Chevron's expenses in 2023, reflecting the challenges and costs associated with operating in a volatile global energy market and complying with tax obligations in various countries.