Chevron Corp posts $8.3 billion quarterly loss on writedowns, job cuts

Topics CHEVRON | job cuts | Coronavirus


By Jennifer Hiller HOUSTON (Reuters) - Chevron Corp on Friday reported an $8.3 billion quarterly loss, its largest in at least three decades, and joined rival oil producers in writing down billions of dollars in assets due to plunging demand for fuel. Chevron's oil and gas production writedowns totaled $5.

6 billion, mirroring those in recent days at Total, Royal Dutch Shell, and Eni, and an anticipated asset writedown of up to $17.5 billion from BP. The lowering of valuations reflect the slump in second-quarter demand due.

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