Chevron Corp (NYSE: CVX) reported second-quarter financial results before the regular trading hours on Friday. The oil and gas giant swung to a huge loss of $8.3 billion in Q2, as revenues plunged 65% to $13.5 billion. Both the top and bottom-line results missed the street consensus.
CVX shares fell 2.7% immediately following the announcement. The stock has declined 29% since the beginning of this year.
CEO. Michael K. Wirth said, “The economic impact of the response to COVID-19 significantly reduced demand for our products and lowered commodity prices. Given the uncertainties associated with economic recovery, and ample oil and gas supplies, we made a downward revision to our commodity price outlook which resulted in asset impairments and other charges.”
The company added that while demand and commodity prices have shown signs of recovery, they are not back to pre-pandemic levels, and financial results may continue to be depressed into the third quarter of 2020.
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