Chevron logs Q4 loss on Noble Energy charges, weak fuel demand By Kevin Crowley on 1/29/2021
HOUSTON - (Bloomberg) Chevron Corp. surprised analysts with a fourth-quarter loss as weak fuel demand slammed its refining business and the company incurred hefty charges from its takeover of Noble Energy Inc.
The California oil titan lost a penny per share during the fourth quarter, compared with the Bloomberg Consensus for a 7-cent profit. Oil and natural gas production rebounded from the lowest in more than two years as the explorer assimilated fields acquired in the Noble deal and restarted wells briefly curtailed during last yearâs crude-price collapse. The shares fell as much as 2.2% in pre-market trading.
Qatar National Bank QPSC said its assets have passed the 1 trillion-riyal ($273.5 billion) mark and it set aside more money in provisions as a “precautionary measure.”