CVX Chevron Corporation

By Dave Sebastian

Chevron Corp. posted a loss for the September quarter as the Covid-19 pandemic continued to sap oil demand.

The San Ramon, Calif.-based oil giant on Friday posted a third-quarter loss of $207 million, or 12 cents a share, compared with a profit of $2.58 billion, or $1.36 a share, in the comparable quarter last year. The company reported a $8.27 billion loss for the second quarter.

Adjusted earnings were 11 cents a share. Analysts polled by FactSet were expecting adjusted losses of 26 cents a share.

Revenue fell to $24.45 billion from $36.12 billion in the year-ago period. Analysts were looking for $25.84 billion.

"Third quarter results were down from a year ago, primarily due to lower commodity prices and margins resulting from the impact of Covid-19," Michael Wirth, Chevron's chairman and chief executive, said. "The world's economy continues to operate below pre-pandemic levels, impacting demand for our products which are closely linked to economic activity."

U.S. downstream earnings, which represents much of the company's operations after it pumps oil out of the ground, fell to $141 million from $389 million.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

October 30, 2020 07:26 ET (11:26 GMT)

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