Chevron: heavy loss in Q2

(CercleFinance.com) - Chevron has reported a loss of 8.
3 billion dollars for Q2 2020, against a profit of 4.3 billion dollars a year earlier, a deterioration that includes net non-cash charges of 5.2 billion dollars, but also a 310 million dollar gain on asset disposals.

In adjusted data, the oil and gas company suffered a loss of three billion dollars, compared with a profit of 3.4 billion dollars in Q2 2019, for revenues that fell from 36 billion to 16 billion year-on-year.

"While demand and commodity prices have shown signs of recovery, they are not back to pre-pandemic levels, and financial results may continue to be depressed into the third quarter 2020," warned company boss Michael K Wirth.


Copyright (c) 2020 CercleFinance.com. All rights reserved.