Chevron Posts Annual Loss
January 29 2021 - 7:57AM
Dow Jones News
By Christopher M. Matthews and Dave Sebastian
Chevron Corp. posted its third consecutive quarterly loss Friday
to close its worst year since 2016, as the global pandemic
continues to weigh on the oil and gas industry and cloud hopes for
renewed economic growth in 2021.
Chevron is looking to turn the corner on one of the most painful
years in modern history for oil and gas companies. For the fourth
quarter, it posted $665 million in losses. For all of 2020, it lost
$5.5 billion as the coronavirus sapped global demand for fossil
fuels. Chevron reported nearly $3 billion in profits in 2019.
"2020 was a year like no other," Chevron Chief Executive Mike
Wirth said. "We were well positioned when the pandemic and economic
crisis hit, and we exited the year with a strong balance
sheet."
Chevron's oil and gas production unit posted $501 million in
profits in the fourth quarter, but the company's results were
weighed down by its refining and chemical businesses, as well as
higher pension expenses and costs related to its $5 billion
acquisition of Noble Energy last year.
Write to Christopher M. Matthews at christopher.matthews@wsj.com
and Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
January 29, 2021 08:42 ET (13:42 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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