Chevron made a net loss of $ 4.9 billion in nine months

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Chevron made a net loss of $ 4.9 billion in nine months

03.11.2020 News

The net loss of the second largest American oil and gas company Chevron, which accounts for the parent company, in the first nine months of 2020 amounted to 4.878 billion dollars against a profit of 9.534 billion dollars a year earlier, the company said.

The diluted loss per share was $ 2.63 against earnings of $ 5.02 a year earlier. The company’s total revenue decreased by 37% year on year and reached 69.446 billion dollars.

Chevron’s production in the first nine months of the year was 3.018 million barrels of oil equivalent per day, down 1.1% year on year. In the upstream (exploration and production) segment, the company recorded a loss of $ 2.934 billion against a profit of $ 9.31 billion a year ago, in the downstream (processing and marketing) profit was $ 385 million (a decrease of 4.7 times).

In the third quarter, the company recorded a loss of $ 207 million against a profit of $ 2.58 billion a year earlier.

The diluted loss per share was $ 0.12 versus earnings of $ 1.36 a year ago. Chevron’s revenue fell 32.3% in the third quarter to $ 24.451 billion from a forecast of $ 25.61 billion. The company notes that the quarterly results reflect the impact of COVID-19, which led to lower commodity prices.

Chevron’s quarterly production was 2.834 million barrels of oil equivalent per day, down 6.5% from a year earlier. In the upstream segment, the company reduced profits by 11.5 times – to 235 million dollars, in the downstream profit decreased by 2.8 times to 292 million dollars.

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