May 2, 2021
NEW YORK (AFP) – After a string of losses, ExxonMobil and Chevron on Friday both reported a return to profitability in the first quarter, bolstered by a significant jump in oil prices.
The results, which come amid a similar round of profits by Royal Dutch Shell and other petroleum giants, point to a much-improved demand outlook compared with last year, when oil prices tumbled midway through the first quarter as the coronavirus crisis shuttered large parts of the economy.
“Earnings strengthened primarily due to higher oil prices as the economy recovers,” said Chevron Chief Executive Mike Wirth.
Yet larger petroleum companies still face major challenges, including campaigns from activist shareholders at annual meetings next month over their response to climate change.
Chevron reports annual loss of $5.5b on lower oil prices Afp, New York Afp, New York
The US oil giant, which trimmed staff and slashed capital spending to ride out the downturn, finished the year with a loss of $5.5 billion, compared with earnings of $2.9 billion in 2019.Chevron lost $665 million in the quarter ending December 31, compared with a loss of $6.6 billion in the year-ago period following a large asset write-down. US oil prices bottomed out in April 2020, when futures briefly went into negative territory amid a supply glut prompted by the sudden shutdown of much of the US economy.
Crude prices rose and stabilized later in the year, but demand remains weak for some products such as jet fuel. 2020 was a year like no other, said Chevron Chief Executive Mike Wirth. When market conditions deteriorated, we swiftly reduced capital spending by 35 per cent from 2019 and also reduced operating costs, demonstrating our commitment t
Chevron PHOTO: AFP Photo/Justin Sullivan
Chevron reported a fourth-quarter loss Friday to conclude a rocky year for oil companies as the coronavirus battered demand for petroleum products.
The US oil giant, which trimmed staff and slashed capital spending to ride out the downturn, finished the year with a loss of $5.5 billion, compared with earnings of $2.9 billion in 2019.
Chevron lost $665 million in the quarter ending December 31, compared with a loss of $6.6 billion in the year-ago period following a large asset write-down. x
US oil prices bottomed out in April 2020, when futures briefly went into negative territory amid a supply glut prompted by the sudden shutdown of much of the US economy.
Chevron reports annual loss of $5.5bn on lower oil prices
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Chevron reported a fourth-quarter loss Friday to conclude a rocky year for oil companies as the coronavirus battered demand for petroleum products.
The US oil giant, which trimmed staff and slashed capital spending to ride out the downturn, finished the year with a loss of $5.5 billion, compared with earnings of $2.9 billion in 2019.
Chevron lost $665 million in the quarter ending December 31, compared with a loss of $6.6 billion in the year-ago period following a large asset write-down.
US oil prices bottomed out in April 2020, when futures briefly went into negative territory amid a supply glut prompted by the sudden shutdown of much of the US economy.