press releaseChevron Announces Third Quarter 2020 Results
- Third quarter loss of $207 million; adjusted earnings of $201 million
- Capital spending down 48 percent; operating expenses down 12 percent
- Noble Energy acquisition completed in October 2020
San Ramon, Calif., October 30, 2020 – Chevron Corporation (NYSE: CVX) today reported a loss of $207 million ($(0.12) per share - diluted) for third quarter 2020, compared with earnings of $2.6 billion ($1.36 per share - diluted) in third quarter 2019. Included in the current quarter was a charge of $130 million attributable to a tax item related to an international upstream end-of-contract settlement and a non-cash provision of $90 million for remediation of a former mining asset. Foreign currency effects decreased earnings by $188 million.
Adjusted earnings of $201 million ($0.11 per share - diluted) in third quarter 2020 compares to adjusted earnings of $2.9 billion ($1.55 per share - diluted) in third quarter 2019. For a reconciliation of adjusted earnings/(loss), see Attachment 5.
Sales and other operating revenues in third quarter 2020 were $24 billion, compared to $35 billion in the year-ago period.
Published: October 2020