US energy major Chevron posted a loss of $5.5 billion for 2020, compared with earnings of $2.9 billion in 2019, according to the company's financial results released on Friday.
The company's revenue amounted to $94.7 billion last year, 35.4% lower than the revenue of $146.5 billion in 2019.
The United States' second-largest oil company also reported its third straight quarter of losses with $665 million in the fourth quarter of 2020 and the firm registered a net loss of $207 million in the third quarter of last year.
The company's total revenue and other income in the October-December period of last year reached $25.2 billion, down from $36.4 billion for the same period of 2019.
"2020 was a year like no other," Chevron's Chairman and CEO Michael Wirth was quoted as saying in the statement.
"When market conditions deteriorated, we swiftly reduced capital spending by 35% from 2019 and also reduced operating costs, demonstrating our commitment to capital and cost discipline," Wirth added.
"Excluding severance expense, 2020 operating expenses were down $1.4 billion from the prior year. Chevron also completed an enterprise-wide transformation program and the integration of Noble Energy, positioning the company for the future," the statement read.
By Firdevs Yuksel