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Chevron Reported $8.27B Q2 Net Loss

By John F. Heerdink, Jr.

Chevron Corporation (CVX) released Q2 earnings, reporting a net loss of $8.27 billion, or $4.44 per share for the quarter ending June 30 in comparison to a net income of $4.31 billion, or $2.27 per share, a year earlier. The company took charges of $5.2 billion due to a drop in oil prices caused by the Coronavirus lockdowns and falling fuel demand.

The oil major’s net oil-equivalent production fell 3% to 2.99 million barrels per day in the quarter. Chevron also recorded a $310 million gain in the quarter on the sale of Azerbaijan assets.

Dow 30 component Chevron Corporation (CVX), through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide.  To learn more about Chevron (CVX) and to track their progress please visit the Vista Partners Chevron Page.

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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(Read Original Story: Chevron posts quarterly loss on more than $5 bln charges due to oil downturn in Reuters)


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