Thursday, 06 August 2020 13:00

Chevron records losses

For the first half of 2020, the American oil-gas company Chevron had a net loss of $4.67 billion, down from a net income of $6.95 billion in the January-June period of last year, the company says.

The diluted loss per share was $ 2.51 compared to a profit of $ 3.66 for the same period in 2019. The company's revenue fell by 39.2% and made $ 44.995 billion.

Chevron's production in the reporting period was 3,111 million barrels of oil equivalent per day, 1.6% higher than a year ago.  The company's loss in the upstream segment (exploration and production) was $ 3.169 billion compared to a profit gained a year earlier in the amount of $6.606 billion.

Profits decreased by 10.5 times and totaled $ 93 million in the downstream segment (processing and sales).

It is noteworthy that in the last quarter the company recorded a profit from the sale of assets in Azerbaijan due to the accrual of severance payments in the amount of $780 million, and a profit of $310 million

In its expenditures the company also fully reflected its investments in Venezuela at the amount of $ 2.6 billion due to uncertainty related to the current situation and overall prospects,  the company says.

Chevron is the second largest oil and gas company in the United States. The Corporation operates in more than 180 countries.

 

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