What impacted Chevron's net profit in late 2023?

Chevron's net profit in late 2023 was impacted by several factors:

1. Lower Margins on Refined Product Sales: This was one of the key reasons for the decrease in earnings. Chevron's refining operations faced significant headwinds, resulting in lower margins due to higher costs and reduced demand for refined products.
2. Higher Costs and Lower Realizations in Oil and Gas Production: The company's upstream segment faced challenges such as higher costs and lower natural gas realizations, which negatively affected earnings. Additionally, the delayed expansion programs and higher costs in oil and gas production also contributed to the decline in profitability.
3. One-Time Charges: Chevron incurred significant one-time charges, including $715 million in severance charges and $400 million in impairment charges, which impacted the net profit in the quarter.
4. Foreign Currency Effects: The company's earnings were also affected by foreign currency effects, which increased earnings by $722 million.

In summary, Chevron's net profit in late 2023 was impacted by lower margins on refined product sales, higher costs and lower realizations in oil and gas production, one-time charges, and foreign currency effects.