Chevron falls to fourth-quarter loss on weak refining, charges theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
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HOUSTON (Reuters) -U.S. oil major Chevron Corp on Friday swung to a surprise $11 million fourth-quarter loss as low margins on fuel, acquisition costs and foreign currency effects overwhelmed improved drilling results.
A customer pumps gas at a Chevron gas station in Louisville, Kentucky February 2, 2007. Chevron Corporation s fourth-quarter profits dropped by nine percent but the oil company still made enough to post its third consecutive year of record earnings. REUTERS/John Sommers II (UNITED STATES)
Oil companies are expected to benefit from a rebound in oil and gas prices after a one-two punch of falling demand and prices put the industry in a tailspin last year. But as Chevron’s final quarter of 2020 showed, pandemic-related travel restrictions continue to hammer fuel demand.