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Chevron revenue plummets more than 30% in the third quarter as Covid slams demand

October 30, 2020


Chevron on Friday reported its second straight quarter of losses after revenue during the third quarter fell 32% year over year, hammered by Covid-19.

Amid declining oil prices Chevron said it implemented aggressive cost-cutting measures.

The oil giant lost $207 million during the quarter. On an adjusted basis, Chevron earned 11 cents per share, far better than the 27 cent per share loss expected by analysts polled by Refinitiv. Chevron’s revenue came in at $24.45 billion, which missed the consensus estimate of $25.8 billion.

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