Chevron (NYSE:CVX) earnings for the oil company’s second quarter of 2020 have CVX stock falling on Friday. This comes after reporting adjusted losses per share of $1.59, which misses Wall Street’s estimate for a loss of 92 cents. Its revenue of $13.49 billion is also a far cry from analysts’ estimate of $22.1 billion.
Here’s what else went wrong for Chevron in its most recent earnings report.
- Adjusted per-share losses are a negative switch from its adjusted earnings per share of $1.77 in the second quarter of 2019.
- Revenue for the quarter is sitting 65.3% lower than the $38.85 billion reported during the same period of the year prior.
- The Chevron earnings report also includes a net loss of $8.23 billion.
- That doesn’t look good next to the company’s net income of $4.29 billion reported during the same time last year.
Michael Wirth, chairman and CEO of Chevron, said this about the earnings results.
“The economic impact of the response to COVID-19 significantly reduced demand for our products and lowered commodity prices. Given the uncertainties associated with economic recovery, and ample oil and gas supplies, we made a downward revision to our commodity price outlook which resulted in asset impairments and other charges.”
Chevron doesn’t include guidance in its current earnings report. That makes sense with the novel coronavirus causing chaos for the economy. Many other companies are withholding outlooks at this time.
CVX stock was down 4% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.