Chevron Announces 4th Quarter 2020 Results, capital spending down 35 percent
Chevron Corporation (NYSE: CVX) today reported a loss of $665 million ($(0.33) per share – diluted) for fourth quarter 2020, compared with a loss of $6.6 billion ($(3.51) per share – diluted) in fourth quarter 2019. Included in the current quarter was a charge of $120 million associated with Noble Energy, Inc. acquisition costs. Foreign currency effects decreased earnings by $534 million. Adjusted loss of $11 million ($(0.01) per share – diluted) in fourth quarter 2020 compares to adjusted earnings of $2.8 billion ($1.49 per share – diluted) in fourth quarter 2019.
Chevron reported a full-year 2020 loss of $5.5 billion ($(2.96) per share – diluted), compared with earnings of $2.9 billion ($1.54 per share – diluted) in 2019. Included in 2020 were net charges for special items of $4.5 billion, compared to net charges of $8.7 billion for special items in 2019. Foreign currency effects decreased earnings in 2020 by $645 million. Adjusted loss of $368 million ($(0.20) per share – diluted) in full-year 2020 compares to adjusted earnings of $11.9 billion ($6.27 per share – diluted) in full-year 2019. For a reconciliation of adjusted earnings/(loss),
Sales and other operating revenues in fourth quarter 2020 were $25 billion, compared to $35 billion in the year-ago period.
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