Chevron lost $1.5 billion in the second quarter of 2016

A year before the company reported earnings of $571 million.

01.Aug.16 11:27 PM
By Alesya Davydova
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Chevron lost $1.5 billion in the second quarter of 2016

Chevron Corporation reported on Friday a loss of $1.5 billion in the second quarter of 2016. A year before though the company earned $571 million for the second quarter. The official financial data are disclosed by the information department of the corporation.

The greatest loss was caused by were impairments and other non-cash charges totaling $2.8 billion, partially offset by the income on asset sales of $420 million. Sales and other operating revenues in second quarter 2016 were $28 billion ($37 billion a year ago).

“The second quarter results reflected lower oil prices and our ongoing adjustment to a lower oil price world,” said Chevron Chairman and CEO John Watson. “In our upstream business, we recorded impairment and other charges on certain assets where revenue from expected oil and gas production is expected to be insufficient to recover costs. Our downstream business continued to perform well.”

He also added that the company restarted LNG production and cargo shipments at Gorgon and Angola LNG, and started up the third train at the Chuandongbei Project in China.

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