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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Chevron Corporation | NYSE:CVX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.33 | -0.21% | 160.40 | 160.66 | 157.04 | 160.58 | 11,780,661 | 01:00:00 |
By Dave Sebastian
Chevron Corp. swung to a loss of $5.5 billion in 2020, capping a year that saw a rout in oil prices and a pandemic-induced travel downturn that sapped demand for oil and gas.
That was the first time Chevron ended the year in red since it posted a $497 million annual loss for 2016. In 2019, the San Ramon, Calif.-based oil company had a net profit of $2.9 billion.
Chevron on Friday posted a fourth-quarter loss of $665 million, or 33 cents a share, compared with a loss of $6.61 billion, or $3.51 a share, in the comparable quarter a year earlier. The company booked $16.43 billion in depreciation, depletion and amortization costs in the fourth quarter of 2019.
Adjusted losses for the quarter were a penny a share. Analysts polled by FactSet were expecting adjusted earnings of 8 cents a share.
Quarterly revenue fell more than 30% to $25.25 billion from the year-ago period. Analysts were looking for $25.82 billion.
Upstream earnings were $501 million, compared with a loss of $6.73 billion in the same period last year. World-wide oil-equivalent production rose 6% to 3.28 million barrels a day during the quarter due to its acquisition of Noble Energy, Chevron said.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
January 29, 2021 08:05 ET (13:05 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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