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Chevron swings to big Q2 loss, fully impairs $2.6B Venezuela investment – Seeking Alpha

Chevron (NYSE:CVX) -2.9% pre-market after reporting weaker than expected Q2 earnings and revenues, hit by the twin effects of a weak oil price and depressed demand from the coronavirus.Q2 GAAP loss totaled $8.27B, compared with a profit of $4.3B in the year-e…

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Chevron (NYSE:CVX)-2.9% pre-market after reporting weaker than expected Q2 earnings and revenues, hit by the twin effects of a weak oil price and depressed demand from the coronavirus.
Q2 GAAP loss totaled $8.27B, compared with a profit of $4.3B in the year-earlier quarter last year, as the company wrote down its oil and gas properties by $5.6B, including its entire $2.6B investment in Venezuela and 1.8B to account for downward revisions in its commodity price outlook; foreign currency effects …

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