Chevron Corp on Friday reported an $8.3 billion quarterly loss, its largest in at least three decades, and joined rival oil producers in writing down billions of dollars in assets due to plunging demand for fuel. Chevron’s oil and gas production write-downs totaled $5.6 billion, mirroring those in recent days at Total ( TOTF.PA ), Royal Dutch Shell ( RDSa.L ), and Eni ( ENI.MI ), and an anticipated asset writedown of up to $17.5 billion from BP ( BP.L ). The lowering of valuations reflect the slump in second-quarter demand due to the COVID-19 pandemic, and a growing realization that a prolonged economic downturn could depress energy prices for years. U.S. gross domestic product contracted last quarter at a 32.9% annualized rate, the deepest decline in economic activity in modern history. “It will take years for that to recover and the price […]