Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  Equities  >  Nyse  >  Chevron Corporation    CVX


News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Chevron Swings to 2Q Loss as Oil Demand Slumped

share with twitter share with LinkedIn share with facebook
07/31/2020 | 07:25am EDT

By Dave Sebastian


Chevron Corp. posted steep losses in the second quarter as lower oil and gas prices sapped production gains and the drop in global travel crimped fuel demand amid the Covid-19 pandemic.

The San Ramon, Calif.-based oil giant on Friday posted a second-quarter loss of $8.27 billion, or $4.44 a share, compared with a profit of $4.3 billion, or $2.27 a share, in the comparable quarter last year.

Adjusted losses were $1.59 a share. Analysts polled by FactSet were expecting adjusted losses of 93 cents a share.

The company said it booked impairments and other charges of $1.8 billion for the quarter to account for downward revisions in its commodity price outlook, severance charges of $780 million and a gain of $310 million on the sale of Azerbaijan assets.

Chevron also impaired its $2.6 billion in investment in Venezuela due to the operating environment's uncertainty, it said. Chevron's peers, such as BP PLC, Hess Corp. and Occidental Petroleum Corp., have taken multibillion-dollar impairments amid the pandemic-induced economic slowdown.

Revenue fell 65% to $13.49 billion from the year-ago period. Analysts were looking for $21.87 billion.

"The past few months have presented unique challenges," said Michael Wirth, Chevron's chairman and chief executive. "The economic impact of the response to COVID-19 significantly reduced demand for our products and lowered commodity prices."

The company earlier in July agreed to buy Noble Energy Inc. for about $5 billion, injecting the first signs of life in energy-sector deal-making in what would be the largest oil-patch tie-up since the pandemic delivered a shock to the industry. Buying the company would expand Chevron's presence in the DJ Basin of Colorado and the Permian Basin, which spans West Texas and New Mexico. Chevron also said the acquisition would yield it potential annual cost savings of $300 million.


Write to Dave Sebastian at dave.sebastian@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 1.22% 311.3 Delayed Quote.-34.79%
CHEVRON CORPORATION 0.44% 90 Delayed Quote.-25.63%
HESS CORPORATION 0.11% 53.56 Delayed Quote.-19.89%
LONDON BRENT OIL 1.48% 45.18 Delayed Quote.-31.89%
NOBLE ENERGY, INC. -0.28% 10.625 Delayed Quote.-57.13%
OCCIDENTAL PETROLEUM CORPORATION -1.19% 14.9917 Delayed Quote.-63.21%
WTI 1.78% 42.295 Delayed Quote.-31.52%
share with twitter share with LinkedIn share with facebook
08/11Chevron sought stake in Noble Energy's gas-field before bidding for company
08/11Chevron's interest in giant gas field led to $5 billion bid for Noble Energy
08/11Noble initially was looking for a partner to finance leviathan natural gas pr..
08/11Chevron in 2019 began discussing eastern mediterranean venture with noble ene..
08/11Exxon to buy renewable diesel from Global Clean Energy for five years
08/11CHEVRON : Pledges $1 Million for Lebanese Red Cross
08/10Occidental posts $8 billion loss, outlines oil production cuts
08/10Oil companies start to take back crude from U.S. emergency reserve
08/10Occidental posts $8 billion loss, outlines oil production cuts
08/09Oil giants' production cuts come to 1 million bpd as they post massive writed..
More news
Financials (USD)
Sales 2020 101 B - -
Net income 2020 -1 809 M - -
Net Debt 2020 29 089 M - -
P/E ratio 2020 -86,1x
Yield 2020 5,76%
Capitalization 167 B 167 B -
EV / Sales 2020 1,94x
EV / Sales 2021 1,67x
Nbr of Employees 48 200
Free-Float 76,4%
Duration : Period :
Chevron Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CHEVRON CORPORATION
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 102,96 $
Last Close Price 89,62 $
Spread / Highest target 57,3%
Spread / Average Target 14,9%
Spread / Lowest Target -21,9%
EPS Revisions
Michael K. Wirth Chairman & Chief Executive Officer
B T Fish President-Downstream & Chemicals
Pierre R. Breber Chief Financial Officer & Vice President
Joseph C. Geagea EVP-Technology, Projects & Services Divisions
Ronald D. Sugar Lead Independent Director
Sector and Competitors