Chevron posts quarterly loss on more than $5 bln charges due to oil downturn

Chevron posts quarterly loss on more than $5 bln charges due to oil downturn
  • Clock-gray 11:45
  • calendar-gray 01 August 2020

Chevron Corp posted a quarterly net loss on Friday, as the second largest U.S. oil producer took charges of $5.2 billion due to a collapse in oil prices due to the coronavirus pandemic and as related lockdowns decimated fuel demand, APA reports citing Reuters.

Net loss attributable to Chevron was $8.27 billion, or $4.44 per share, in the second quarter ended June 30, compared with a net income of $4.31 billion, or $2.27 per share, a year earlier.

The oil major’s worldwide net oil-equivalent production fell 3% to 2.99 million barrels per day in the quarter, while average sales price for crude slumped to $19 per barrel in the U.S. from $52 a year ago.

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