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Chevron Drops After Surprise Loss, Dividend Disappointment
Bloomberg 1/29/2021 Kevin Crowley
(Bloomberg) Chevron Corp. slumped after posting a surprise loss and failing to increase its dividend, signaling that the aftermath of 2020’s pandemic-driven petroleum demand crash will linger for the world’s biggest oil companies for some time to come.
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The California oil titan lost a penny per share during the fourth quarter, compared with the Bloomberg Consensus for a 7-cent profit due to a weak performance from its refineries, where runs were reduced substantially in response to lower demand for jet fuel, diesel and gasoline. Analysts expressed disappointment that the company failed to raise its first-quarter dividend despite having lower debt than peers.
Chevron logs Q4 loss on Noble Energy charges, weak fuel demand By Kevin Crowley on 1/29/2021
HOUSTON - (Bloomberg) Chevron Corp. surprised analysts with a fourth-quarter loss as weak fuel demand slammed its refining business and the company incurred hefty charges from its takeover of Noble Energy Inc.
The California oil titan lost a penny per share during the fourth quarter, compared with the Bloomberg Consensus for a 7-cent profit. Oil and natural gas production rebounded from the lowest in more than two years as the explorer assimilated fields acquired in the Noble deal and restarted wells briefly curtailed during last yearâs crude-price collapse. The shares fell as much as 2.2% in pre-market trading.