Chevron said Covid-19 'signifiantly reduced demand' in the second quarter.
reported an $8.3 billion loss in the second quarter as the coronavirus pandemic "significantly reduced demand." Amid a historic drop in oil prices, the company's average price per barrel of oil and natural gas liquids dropped more than 60% year-over-year.
Part of the company's loss came from a $1.8 billion writedown primarily associated with a downward revision in the company's commodity price outlook. The company also fully impaired its $2.6 billion investment in Venezuela, and reported $780 million in expenses related to job cuts."The past few months have presented unique challenges," said Michael Wirth, Chevron CEO, in a statement.
"We're focused on what we can control. Our actions are guided by our values and our long-standing financial priorities: to protect the dividend, invest for long term value and maintain a strong balance sheet," Wirth added.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Total Takes $8 Billion Write-Down as Coronavirus Undercuts Oil-Price ForecastFrench energy giant Total is writing down the value of its oil and gas assets by $8.1 billion after lowering its oil-price expectations in the wake of the pandemic
Read more »
GOP Tucks $8 Billion For Military Weaponry Into Coronavirus Stimulus BillThe weapons bazaar galled Democrats who are seeking funds for items such as food aid and mail-in voting.
Read more »
Fiat Chrysler reports $1.2 billion loss in the second quarterFiat Chrysler lost $1.24 billion (1.1 billion euros) in the second quarter as the coronavirus caused rolling shutdowns at its plants across the globe.
Read more »
Shell posts net loss of $18.3 billion in the second quarter after huge write-downAnalysts had warned that 'Big Oil' companies were likely to report 'horrendous' second-quarter results.
Read more »
Shell's second-quarter profit slumps 82% on coronavirus hit to oil prices, energy demandAnalysts had warned that 'Big Oil' companies were likely to report 'horrendous' second-quarter results.
Read more »