Chevron Announces Record Quarterly Loss, Maintains Dividend

Oil supermajor Chevron (NYSE: CVX) announced a quarterly loss of $8.3 billion, or $4.44 per share on Friday. That set the record for its biggest quarterly loss since its 2001 merger with Texaco, surpassing Q4 2019's $6.6 billion ($3.51 per share) loss.

Even adjusted losses -- which stripped out the $2.6 billion writedown of the company's Venezuela operations, among other one-time charges -- totaled $3 billion, or $1.59 per share. That was much worse than analysts' consensus estimate of a $0.93-per-share loss.

Despite the losses, Chevron left its dividend unchanged at $1.29 per share for Q3 2020.

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Source Fool.com