reported an $8.3 billion loss in the second quarter as the coronavirus pandemic “significantly reduced demand.” Amid a historic drop in oil prices, the company’s average price per barrel of oil and natural gas liquids dropped more than 60% year-over-year.
The oil giant lost $1.59 per share on an adjusted basis, while revenue came in at $13.49 billion. In the same quarter a year ago the company earned $2.27 per share on $36.32 billion in revenue.
Analysts expected the company to post a loss of 92 cents per share, on $22.097 billion in revenue, according to estimates from Refinitiv.
Part of the company’s loss came from a $1.8 billion writedown primarily associated with a downward revision in the company’s commodity price outlook. The company also fully impaired its $2.6 billion investment in Venezuela, and reported $780 million in expenses related to job cuts.
Shares of Chevron slid more than 2% during premarket trading on Friday.
“The past few months have presented unique challenges,” said Michael Wirth, Chevron CEO, in a statement. “The economic impact of the response to COVID-19…