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7/31/2020, 12:50 PM (Source: TeleTrader)
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Chevron+2.62%

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Chevron posts Q2 loss of $8.3 billion

Chevron announced on Friday it had a loss of $8.3 billion in the second quarter. In the second quarter of 2019, Chevron posted net earnings of $4.3 billion. The company also stated its loss per diluted share was $4.44 in the second quarter, dropping from earnings of $2.27 per share a year ago. Meanwhile, revenue fell 65% year on year to $13.5 billion in the quarter ended June 30.

"The economic impact of the response to COVID-19 significantly reduced demand for our products and lowered commodity prices. Given the uncertainties associated with economic recovery, and ample oil and gas supplies, we made a downward revision to our commodity price outlook which resulted in asset impairments and other charges," CEO Michael Wirth said. The company added that results are expected to remain lower in the third quarter as a result of the coronavirus pandemic. Chevron also confirmed that it entered a deal to buy Noble Energy in an all-stock transaction.

The energy firm's shares declined 3.21% in premarket trading.

Breaking the News / VP