American energy giant Chevron posted a net loss in the fourth quarter of 2019, according to its financial results statement released on Friday.
The company had a net loss of $6.61 billion in the final quarter of last year, against a net income of $3.73 billion in the last quarter of the previous year.
Net income for the full year of 2019 came at $2.92 billion, which was an 80.3% loss from $14.82 billion for the full year of 2018.
Revenue for both the final quarter of last year and the full year of 2019 showed declines.
In the October-December period of 2019, revenue of Chevron was recorded at $36.35 billion -- a 14.1% loss from $42.35 billion the same period of 2018.
Revenue of the full year of 2019 was $146.51 billion, which was 11.9% less than the $166.34 billion recorded for the full year of 2018.
'For the first time in the company’s history, annual production exceeded 3 million barrels per day of oil equivalent,' Chevron Chairman and CEO Michael K. Wirth said in the statement.
By Ovunc Kutlu