Chevron Books Worst Loss Since 1989 As Oil Prices Crashed

Chevron Corporation (NYSE: CVX) reported on Friday a net loss of US$8.3 billion for the second quarter on the back of impairment charges due to lower commodity price outlook and write-off its Venezuela operations due to the U.S. sanctions. Chevron’s US$8.3-billion net loss for Q2 compares with earnings of US$4.3 billion for the second quarter of 2019, and was the worst loss for the U.S. supermajor since at least 1989, according to Bloomberg’s estimates. The net loss includes impairments and other net charges of US$1.8 billion, mostly…