Chevron posts largest quarterly loss since 2011
In the April-June period, Chevron posted a loss of $1.47 billion, or 78 cents a share, compared with profit of $571 million, or 30 cents, a year earlier. Analysts had expected the company to earn 19 to 41 cents a share.
The company’s crude oil production was reported at 2.528 million barrels of oil per day (bpd) during the second quarter, down from analysts’ average estimate of 2.618 million bpd.
After announcing weaker financial results for the second quarter, Chevron reported that it is seeking to bolster its balance sheet by raising $5 billion to $10 billion from asset sales.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- China’s PET markets extend rebound on firmer costs
- Asian ethylene-naphtha spread at almost 7-year low
- European PVC defies global uptrend
- Turkey’s PP, PE markets at a standstill amid lingering downturn
- PVC downturn persists in China’s local market despite bullish imports
- China's PP market at almost 2-year low; H2 outlook bearish
- Asian spot ethylene market plunges to decade low
- Early July expectations emerge softer in Europe’s PP market
- Import PE prices fall to lowest in more than a decade across Asia
- Tightness pushes Asian PVC markets to 3-month high