press releaseChevron Announces Fourth Quarter 2020 Results

  • Fourth quarter loss of $665 million; adjusted loss of $11 million
  • Annual capital spending down 35 percent
  • Increased 2020 dividend per share for 33rd consecutive year

San Ramon, Calif., January 29, 2021 – Chevron Corporation (NYSE: CVX) today reported a loss of $665 million ($(0.33) per share - diluted) for fourth quarter 2020, compared with a loss of $6.6 billion ($(3.51) per share - diluted) in fourth quarter 2019. Included in the current quarter was a charge of $120 million associated with Noble Energy, Inc. acquisition costs. Foreign currency effects decreased earnings by $534 million. Adjusted loss of $11 million ($(0.01) per share - diluted) in fourth quarter 2020 compares to adjusted earnings of $2.8 billion ($1.49 per share - diluted) in fourth quarter 2019.

Chevron reported a full-year 2020 loss of $5.5 billion ($(2.96) per share - diluted), compared with earnings of $2.9 billion ($1.54 per share - diluted) in 2019. Included in 2020 were net charges for special items of $4.5 billion, compared to net charges of $8.7 billion for special items in 2019. Foreign currency effects decreased earnings in 2020 by $645 million. Adjusted loss of $368 million ($(0.20) per share - diluted) in full-year 2020 compares to adjusted earnings of $11.9 billion ($6.27 per share - diluted) in full-year 2019. For a reconciliation of adjusted earnings/(loss), see Attachment 5.

Sales and other operating revenues in fourth quarter 2020 were $25 billion, compared to $35 billion in the year-ago period.

Read the full press release with tables.

Published: January 2021