Chevron Corp posted a quarterly net loss on Friday, as the second largest U.S. oil producer took charges of $5.2 billion due to a collapse in oil prices due to the coronavirus pandemic and as related lockdowns decimated fuel demand.
Net loss attributable to Chevron was $8.27 billion, or $4.44 per share, in the second quarter ended June 30, compared with a net income of $4.31 billion, or $2.27 per share, a year earlier.
The oil major's worldwide net oil-equivalent production fell 3% to 2.99 million barrels per day in the quarter, while average sales price for crude slumped to $19 per barrel in the U.S. from $52 a year ago.
The company said it fully impaired its $2.6 billion investment in Venezuela where U.S. sanctions have barred it from conducting business. It also recorded a $310 million gain in the quarter on sale of Azerbaijan assets.