By Christopher M. Matthews and Dave Sebastian 

Chevron Corp. posted its third consecutive quarterly loss Friday to close its worst year since 2016, as the global pandemic continues to weigh on the oil and gas industry and cloud hopes for renewed economic growth in 2021.

Chevron is looking to turn the corner on one of the most painful years in modern history for oil and gas companies. For the fourth quarter, it posted $665 million in losses. For all of 2020, it lost $5.5 billion as the coronavirus sapped global demand for fossil fuels. Chevron reported nearly $3 billion in profits in 2019.

"2020 was a year like no other," Chevron Chief Executive Mike Wirth said. "We were well positioned when the pandemic and economic crisis hit, and we exited the year with a strong balance sheet."

Chevron's oil and gas production unit posted $501 million in profits in the fourth quarter, but the company's results were weighed down by its refining and chemical businesses, as well as higher pension expenses and costs related to its $5 billion acquisition of Noble Energy last year.

Write to Christopher M. Matthews at christopher.matthews@wsj.com and Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

January 29, 2021 08:42 ET (13:42 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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