10/30/2020, 12:01 PM (Source: TeleTrader)
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Chart for: Chevron Corp

Chevron reports $207M loss in third quarter

Chevron Corporation announced on Friday the company suffered a $207 million loss at $0.12 per share in the third quarter of 2020 due to unfavorable crude prices and the impact of the coronavirus pandemic.

Revenue fell short of expectations at $24.45 billion for the quarter, down from the $35 billion reported in the same period a year earlier.

"Third quarter results were down from a year ago, primarily due to lower commodity prices and margins resulting from the impact of COVID-19. The world’s economy continues to operate below pre-pandemic levels, impacting demand for our products which are closely linked to economic activity," CEO Michael K. Wirth commented on the results.

Breaking the News / JC