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About: http://data.cimple.eu/news-article/9e30c85e32f4337f15581b36dad8b268f8ed289c98803ac2ec17f5b3 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Chevron reported a fourth-quarter loss Friday to conclude a rocky year for oil companies as the coronavirus battered demand for petroleum products. The US oil giant, which trimmed staff and slashed capital spending to ride out the downturn, finished the year with a loss of $5.5 billion, compared with earnings of $2.9 billion in 2019. Chevron lost $665 million in the quarter ending December 31, compared with a loss of $6.6 billion in the year-ago period following a large asset write-down. US oil prices bottomed out in April 2020, when futures briefly went into negative territory amid a supply glut prompted by the sudden shutdown of much of the US economy. Crude prices rose and stabilized later in the year, but demand remains weak for some products such as jet fuel. "2020 was a year like no other," said Chevron Chief Executive Mike Wirth. "When market conditions deteriorated, we swiftly reduced capital spending by 35 percent from 2019 and also reduced operating costs, demonstrating our commitment to capital and cost discipline." Revenues in the fourth quarter fell 30.5 percent to $25.2 billion. For all of 2020, revenues fell 35.4 percent to $94.7 billion. Shares fell 1.5 percent to $87.68 in pre-market trading. jmb/dw
schema:headline	Chevron reports annual loss of $5.5 bn on lower oil prices
schema:mentions	Deutsche Welle Chevron Corporation Petroleum Severe acute respiratory syndrome coronavirus 2 Jet fuel
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-01-29 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	50 (xsd:integer)
http://data.cimple...tology#hasEmotion	sadness

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