Categories AlphaGraphs, Energy

Infographic: Chevron stock drops on huge Q2 loss

Chevron Corp (NYSE: CVX) reported second-quarter financial results before the regular trading hours on Friday. The oil and gas giant swung to a huge loss of $8.3 billion in Q2, as revenues plunged 65% to $13.5 billion. Both the top and bottom-line results missed the street consensus.

CVX shares fell 2.7% immediately following the announcement. The stock has declined 29% since the beginning of this year.

Chevron Corp Q2 2020 earnings

Looking forward to listening to management/ analysts comments on Q2 results? Stay tuned here for Chevron Q2 2020 earnings call transcript

CEO. Michael K. Wirth said, “The economic impact of the response to COVID-19 significantly reduced demand for our products and lowered commodity prices. Given the uncertainties associated with economic recovery, and ample oil and gas supplies, we made a downward revision to our commodity price outlook which resulted in asset impairments and other charges.”

The company added that while demand and commodity prices have shown signs of recovery, they are not back to pre-pandemic levels, and financial results may continue to be depressed into the third quarter of 2020.

Prior performance

___

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Leave a Reply

Your email address will not be published. Required fields are marked *

Add Comment
Loading...

Cancel
Viewing Highlight
Loading...
Highlight
Close
Top