US energy major Chevron reported a loss of $207 million for third quarter 2020, compared with earnings of $2.6 billion in the same quarter of last year, according to the company's financial results released on Friday.
The US' second-largest oil company posted its second straight quarter of losses as the firm had a net loss of $8.27 billion in the second quarter of this year.
On an adjusted basis, Chevron earned $201 million, compared with a profit of $2.9 billion a year earlier.
Sales and other operating revenues in the July-September period of this year were $24 billion, which was down from $35 billion in the year-ago period.
"Third quarter results were down from a year ago, primarily due to lower commodity prices and margins resulting from the impact of COVID-19," Chevron’s Chairman and CEO Michael K. Wirth was quoted as saying in the statement.
"The world's economy continues to operate below pre-pandemic levels, impacting demand for our products which are closely linked to economic activity," Wirth added.
"Cash flow from operations in the first nine months of 2020 was $8.3 billion, compared with $21.7 billion in the corresponding 2019 period. Excluding working capital effects, cash flow from operations in the first nine months of 2020 was $8.4 billion, compared with $20.5 billion in the corresponding 2019 period," the statement read.
By Firdevs Yuksel and Sibel Morrow