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Chevron swung to second-quarter loss as oil demand slumped
Chevron CEO talks ‘playbook’ for dealing with a downturn
Chevron CEO Michael Wirth discusses company earnings in the face of unprecedented times and his outlook for the oil industry amid the coronavirus pandemic.
Chevron Corp. posted steep losses in the second quarter as lower oil and gas prices sapped production gains and the decimation in global travel amid the Covid-19 pandemic crimped fuel demand.
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The oil giant, based in San Ramon, Calif., on Friday posted a second-quarter loss of $8.27 billion, or $4.44 a share, compared with a profit of $4.31 billion, or $2.27 a share, in the comparable quarter last year.
EXXON MOBIL POSTS SECOND CONSECUTIVE QUARTERLY LOSS
Adjusted losses were $1.59 a share. Analysts polled by FactSet were expecting adjusted losses of 93 cents a share.