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Chevron announces 2Q20 loss of US$8.3 billion

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Oilfield Technology,

Chevron has reported a loss of US$8.3 billion for 2Q20, compared with earnings of US$4.3 billion in 2Q19.

Included in the current quarter were impairments and other net charges of US$1.8 billion primarily associated with downward revisions to the company's commodity price outlook, severance accruals of US$780 million, and a gain of US$310 million on the sale of Azerbaijan assets. The company also fully impaired its US$2.6 billion investment in Venezuela due to uncertainty associated with the current operating environment and overall outlook. Foreign currency effects decreased earnings by US$437 million.

The adjusted loss of US$3 billion in 2Q20 compares to adjusted earnings of US$3.4 billion in 2Q19.

Sales and other operating revenues in 2Q20 were US$16 billion, compared to US$36 billion in the year-ago period.

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