Chevron Corporation (CVX) reported a $207 million loss in Q3 and a 32% decline in revenue year over year, as oil prices were hard-hit by the pandemic. However , the company earned 11 cents per share, far ahead of the 27 cents per share loss expected by analysts. Revenue of $24.45 billion was also reported, missing the market estimate of $25.8 billion.
During the second quarter, Chevron lost $1.59 per share on an adjusted basis, while revenue came in at $13.49 billion.
The company is implementing aggressive cost-cutting measures, amid falling oil prices. It reported a reduction in capital spending by 48% and its operating expenses were down by 12%.
“Third-quarter results were down from a year ago, primarily due to lower commodity prices and margins resulting from the impact of COVID-19,” “The world’s economy continues to operate below pre-pandemic levels, impacting demand for our products which are closely linked to economic activity.” stated Chairman and CEO Michael Wirth.
Other Earning Highlights:
- Net oil-equivalent production declined 7% year over year to 2.83 million barrels per day.
- U.S. upstream operations reported $116 million during the quarter, an 84% year-over-year decline.
- The Avg sale price of natural gas liquids and per barrel of crude oil witnessed a dropped from $47 a year earlier to $31 during the third quarter, this year.
- Chevron informed that its cash flow from operations in the first nine months of 2020 reached $8.3 billion, down from $21.7 billion a year earlier.
- The company declared a quarterly dividend of $1.29 per share.
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.
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