Chevron Turns Into a Loss in The Last Quarter Due to Weak Refining Activities

The US oil giant Chevron turned to incur losses in the fourth quarter of $ 11 million, as lower fuel margins, the costs of acquisitions and the effects of foreign currency overshadowed the improvement in the results of exploration activities.

It is expected that oil companies will benefit from the return of oil and gas prices to rise after the decline in demand and prices, but the sector is still suffering from the consequences of the past year. And, as Chevron’s fourth-quarter results showed, travel restrictions due to the pandemic continued to hurt fuel demand.

The second-largest US oil producer recorded adjusted losses of $ 11 million, equivalent to a cents per share. A year ago, the company reported a profit of $ 2.8 billion, or $ 1.49 per share.