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.
California Oil Titan lost a penny for shares in the fourth quarter, compared to Bloomberg Concepts for om percent profit. Oil and natural gas production returned to its lowest level in more than two years due to Explorer’s finished fields and brief resumption of wells during last year’s crude-price collapse. Shares fell 2.2% in pre-market transactions.
At the refuge of the rest of the oil industry, Chevron’s results prove the challenges facing fuel producers as a result of the 2020 demand and price epidemic-driven collapse. With a broad return to commodity markets, the world’s largest oil drillers may begin to lean out of debt and try to rebuild their naming with investors.
“2020 was a year like no other,” CEO Mike Worth said in a statement on Friday.”
“We were in a good position when the epidemic and the economic crisis hit and we’re out of the year with a strong balance sheet.”
Advisory Editor: Syed Ershad Ahmed
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