US Energy Giant Suffers Earnings Bloodbath
Chevron Corporation reported a loss of $8.3 billion for the second-quarter 2020, the worst quarterly decline in a generation, and warned: “COVID-19 significantly reduced demand for our products and lowered commodity prices.”
Chevron lost $1.59 per share on an adjusted basis while recording revenues around $13.49 billion. In the same quarter last year, the oil giant earned $2.27 per share on $36.32 billion.
The quarterly loss was also due to a massive write-down of $1.8 billion in energy assets. The company fully impaired its