US energy major Chevron saw its revenue decline by 65.3% in the second quarter of 2020, according to its financial results statement released on Friday.
The US' second largest oil company had a revenue of $13.49 billion in the April-June period of this year, which was down from $38.85 billion the same period of last year.
The firm had a net loss of $8.27 billion in the second quarter of 2020, down from a net income of $4.3 billion during the same period of 2019.
"The past few months have presented unique challenges. The economic impact of the response to COVID-19 significantly reduced demand for our products and lowered commodity prices," Chairman and CEO Michael K. Wirth said in the statement.
"Given the uncertainties associated with economic recovery, and ample oil and gas supplies, we made a downward revision to our commodity price outlook which resulted in asset impairments and other charges," he added.
Wirth noted that the company reduced its capital budget in response to the current price environment, adding capital expenditures in the second quarter were $3 billion, which was 40% below the quarterly budget.
For the first half of 2020, the company had a net loss of $4.67 billion, down from a net income of $6.95 billion in the January-June period of last year.
Revenue was recorded as $44.99 billion for the first half of 2020, which was down by 39.2% from $74.05 billion the same period of 2019.
By Ovunc Kutlu