July 31, 2020 / 10:58 AM / 8 days ago

Chevron posts quarterly loss on more than $5 bln charges due to oil downturn

July 31 (Reuters) - Chevron Corp posted a quarterly net loss on Friday, as the second largest U.S. oil producer took charges of $5.2 billion due to a collapse in oil prices due to the coronavirus pandemic and as related lockdowns decimated fuel demand.

Net loss attributable to Chevron was $8.27 billion, or $4.44 per share, in the second quarter ended June 30, compared with a net income of $4.31 billion, or $2.27 per share, a year earlier.

The oil major’s worldwide net oil-equivalent production fell 3% to 2.99 million barrels per day in the quarter, while average sales price for crude slumped to $19 per barrel in the U.S. from $52 a year ago.

The company said it fully impaired its $2.6 billion investment in Venezuela where U.S. sanctions have barred it from conducting business. It also recorded a $310 million gain in the quarter on sale of Azerbaijan assets. (Reporting by Shariq Khan in Bengaluru; Editing by Shounak Dasgupta)

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