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Further Losses Seen
Shares in US energy company Chevron are trading a little higher pre-market on Monday.
The company reported its third-quarter earnings on Friday. The headline earnings-per-share figure was better than expected at $0.11, beating estimates of a -$0.27 EPS.
However, revenues were lower than expected at $24.45 billion, undershooting estimates of a $25.8 billion figure.
Notably, Chevron reported its second straight quarter of losses, suffering $207 million in losses over the quarter as a result of the COVID-19 pandemic.
Big Year on Year Change in Results
Q3 results were starkly different from those during the same period last year when the company reported earnings per share of $1.36 on revenues of $36.12 billion.
Commenting on the results, Chevron CEO and chairman Michael Wirth said:
“Third-quarter results were down from a year ago, primarily due to lower commodity prices and margins resulting from the impact of COVID-19. The world’s economy continues to operate below pr...
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