Chevron Announce Second Quarter 2020 Results

Chevron Announce Second Quarter 2020 Results

Chevron Corporation (NYSE: CVX) today reported a loss of $8.3 billion ($(4.44) per share – diluted) for second quarter 2020, compared with earnings of $4.3 billion ($2.27 per share – diluted) in second quarter 2019. Included in the current quarter were impairments and other net charges of $1.8 billion primarily associated with downward revisions to the company’s commodity price outlook, severance accruals of $780 million, and a gain of $310 million on the sale of Azerbaijan assets.


The company also fully impaired its $2.6 billion investment in Venezuela due to uncertainty associated with the current operating environment and overall outlook. Foreign currency effects decreased earnings by $437 million.


The adjusted loss of $3.0 billion ($(1.59) per share – diluted) in second quarter 2020 compares to adjusted earnings of $3.4 billion ($1.77 per share – diluted) in second quarter 2019. For a reconciliation of adjusted earnings/(loss), see Attachment 5.


Sales and other operating revenues in second quarter 2020 were $16 billion, compared to $36 billion in the year-ago period.

International upstream operations reported a loss of $4.0 billion in second quarter 2020, compared with earnings of $2.6 billion a year ago. Special items included in second quarter 2020 include charges of $3.9 billion for impairments, write-offs and severance accruals and earnings of $0.7 billion associated with a gain on the Azerbaijan sale and tax items. Sharply lower crude oil realizations and lower crude oil and natural gas sales volumes also contributed to the decrease in earnings between periods. Foreign currency effects had an unfavorable impact on earnings of $284 million between periods.


The average sales price for crude oil and natural gas liquids in second quarter 2020 was $21 per barrel, down from $62 a year earlier. The average sales price of natural gas was $4.48 per thousand cubic feet in the quarter, compared with $5.43 in last year’s second quarter.


Source / More: Chevron Second Quarter 2020 Results


Report by Segun Cole of Oilandgaspress.com

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