Chevron Corp posted a quarterly net loss on Friday, as the second largest U.S. oil producer took charges of US$5.2 billion due to a collapse in ...
HOUSTON: Chevron Corp on Friday reported an US$8.3 billion loss on asset writedowns from plummeting fuel prices, a forced exit from Venezuela and expenses tied to thousands of jobs cuts.
The massive writedowns reflect the global economic downturn caused by the pandemic, and follow a US$10 billion writedown of mostly natural gas properties in the fourth quarter of 2019. Oil companies are reducing the value of holdings as a realization grows that a deepening economic downturn could depress energy prices for years.
The writedown of oil and gas properties included non-shale operations in the Permian Basin, the top U.S. oilfield, offshore Gulf of Mexico fields, and undefined properties outside the United States, he said. The loss reflects an average 65per cent reduction in the prices received for its petroleum produced last quarter as demand plummeted amid COVID-19 travel restrictions and declining industrial demand for fuels.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chevron posts quarterly loss on more than US$5 billion charges due to oil downturnChevron Corp posted a quarterly net loss on Friday, as the second largest U.S. oil producer took charges of US$5.2 billion due to a collapse in ...
Read more »
Boeing reports US$2.4 billion quarterly loss, signals more job cutsNEW YORK: Boeing suffered a bigger-than-expected loss in the latest quarter, the company announced Wednesday (Jul 29), and signalled additional ...
Read more »
Renault slumps to record 7.3 billion euro net loss in first halfFrench carmaker Renault posted a record net loss of 7.292 billion euros in the first half of this year, dragged down by the impact of losses at ...
Read more »
Airbus posts net loss of US$2.2 billionPARIS: Airbus announced Thursday (Jul 30) net losses of 1.9 billion euros (US$2.2 billion) in the first six months after aircraft delivery halved ...
Read more »
Kraft Heinz writes down several businesses by US$2.9 billionKraft Heinz Co on Thursday wrote down the value of several businesses - including its Oscar Mayer deli meat brand and Canadian retail unit - by ...
Read more »
Airbus cuts A350 production amid 1.23 billion euro quarterly lossPARIS (REUTERS) - Airbus announced a new cut in production of its marquee A350 jet on Thursday (July 30) as it swung to a larger-than-expected second-quarter loss in the face of global pandemic.. Read more at straitstimes.com.
Read more »