Chevron turns into a loss in the fourth quarter due to weak refining activities by Reuters

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© Reuters. Chevron turns into a loss in the fourth quarter due to weak refining activities

HUSTON (Reuters) – US oil giant Chevron (NYSE) turned to a fourth-quarter loss of $ 11 million as lower fuel margins, acquisition costs and foreign currency impacts overshadowed improved drilling outcomes.

It is expected that oil companies will benefit from the return of gas and the rise after the decline in demand and prices, but the sector is still suffering from the consequences of the past year. And, as Chevron’s fourth-quarter results showed, travel restrictions due to the pandemic continued to hurt fuel demand.

The second-largest US oil producer recorded an adjusted loss of $ 11 million, equivalent to a cents per share. A year ago, the company reported a profit of $ 2.8 billion, or $ 1.49 per share.

The company’s refining and chemicals sector recorded losses of $ 338 million in the fourth quarter, compared to profits of $ 672 million a year earlier. Fuel sales were down 10.55 percent compared to the same period a year earlier as travel restrictions imposed by the pandemic continued to reduce demand.

The company recorded a full-year loss of $ 5.54 billion, compared to a profit of $ 2.92 billion in 2019.

(Prepared by Salma Najm for the Arabic newsletter – edited by Moataz Muhammad)

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