US supermajor Chevron has reported a sharp drop in quarterly profits, weighted down by high charges in its home country, as the company moves forward with the $53 billion takeover process of compatriot Hess.

Chevron posted a net profit of $2.26 billion, or $1.22 per share, for the fourth quarter of 2023, down 65% from $6.35 billion, or $3.33 per share, in the same period a year earlier.