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1/29, 1:42 PM (Source: TeleTrader)
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Chevron-3.82%

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Chevron's Q4 revenue drops 30.5% to $25.25B

American energy company Chevron Corporation said on Friday its revenue in the fourth quarter of 2020 amounted to $25.25 billion, marking a 30.5% drop compared to the same period a year earlier and below expectations.

Meanwhile, the California-based company reported a loss of $655 million or $0.33 per share for the quarter ending December 31, 2020 compared to the $6.6 billion loss it suffered in Q4 of 2019. The reported loss includes a $120 million charge related to Chevron's acquisition of Noble Energy, Inc. Chevron's full-year loss deepened to $5.5 billion after its 2019 loss of $2.9 billion.

"2020 was a year like no other. We were well-positioned when the pandemic and economic crisis hit, and we exited the year with a strong balance sheet, having completed a major acquisition and increased our dividend payout for the 33rd consecutive year," according to Chevron CEO Mike Wirth.

Shares of Chevron fell 1.26% to $87.90 during premarket trading on the earnings announcement.

Breaking the News / JC