US Energy Giant Suffers Earnings Bloodbath

Posted on July 31, 2020 10:48 am
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URL https://www.newswars.com/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 earnings bloodbath was mostly due to a collapse in demand for the company’s energy products and a 60% YoY plunge in its average price per barrel of oil and natural gas liquids.

The quarterly loss was also due to a massive write-down of $1.8 billion in energy assets. The company fully impaired its

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