Chevron (NYSE: CVX) -2.9% ahead of the market after reporting weaker-than-expected second-quarter earnings and earnings, hit by the twin effects of a weak oil price and depressed demand for the coronavirus.
Second quarter GAAP loss totaled $ 8.27B, compared to a gain of $ 4.3B in the same quarter of the prior year, as the company booked its oil and gas properties at $ 5.6B, including its total investment of $ 2.6B in Venezuela and 1.8B in account for downward revisions in its outlook for commodity prices; The effects of the foreign currency decreased earnings by $ 437 million.
Total second-quarter revenue fell 55% yoy to $ 16 billion from $ 36 billion a year ago, also well below the analyst consensus of $ 21.7 billion.
Second-quarter upward loss was $ 6.09 billion versus a prior-year gain of $ 3.48 billion, second-quarter downside loss was $ 1.01 billion against a prior-year gain of $ 729 million.
US second-quarter rising production increased 10% yoy to 991K boe / day, while rising international production fell 8.7% to 2M boe / day.
In the second quarter, the contribution of crude oil from US refineries fell 39% year-on-year to 581K bbl / day, and the international contribution of oil from the downstream refinery fell 1.7% to 589K bbl / day.
Chevron says its YTD organic capital spending is on track with its revised year-round guidance of $ 14 billion.
While demand and commodity prices have shown signs of recovery, “they have not returned to pre-pandemic levels, and financial results may continue to be depressed until the third quarter of 2020,” the company says.
