press releaseChevron Announces Second Quarter 2020 Results

  • Capital and operating cost reductions on track
  • Second quarter net loss of $8.3 billion; adjusted loss of $3.0 billion
  • Includes non-cash net charges of $5.2 billion and a $310 million asset sale gain
  • Enters agreement to acquire Noble Energy

San Ramon, Calif., July 31, 2020 – Chevron Corporation (NYSE: CVX) today reported a loss of $8.3 billion ($(4.44) per share - diluted) for second quarter 2020, compared with earnings of $4.3 billion ($2.27 per share - diluted) in second quarter 2019. Included in the current quarter were impairments and other net charges of $1.8 billion primarily associated with downward revisions to the company's commodity price outlook, severance accruals of $780 million, and a gain of $310 million on the sale of Azerbaijan assets. The company also fully impaired its $2.6 billion investment in Venezuela due to uncertainty associated with the current operating environment and overall outlook. Foreign currency effects decreased earnings by $437 million.

The adjusted loss of $3.0 billion ($(1.59) per share - diluted) in second quarter 2020 compares to adjusted earnings of $3.4 billion ($1.77 per share - diluted) in second quarter 2019. For a reconciliation of adjusted earnings/(loss), see Attachment 5.

Sales and other operating revenues in second quarter 2020 were $16 billion, compared to $36 billion in the year-ago period.

Read the full press release with tables.

Published: July 2020