Chevron Corp. CVX -4.29% posted its third consecutive quarterly loss Friday to close its worst year since 2016, as the global pandemic continues to weigh on the oil-and-gas industry and cloud hopes for renewed economic growth in 2021. Chevron is looking to turn the corner on one of the most painful years in modern history for oil-and-gas companies. The coronavirus sapped global demand for fossil fuels as the industry also faces longer-term challenges from the rise of electric cars, the proliferation of renewable energy and growing concern about the lasting impact of climate change.
The San Ramon, Calif.-based company is among the first of the energy giants to report their year-end results. For the fourth quarter, Chevron posted a loss of $665 million. For all of 2020, the loss totaled $5.5 billion; Chevron reported nearly $3 billion in profit for 2019.
“We’ve demonstrated that we can survive a year unlike any other and come through it even stronger,” Chief Executive Mike Wirth said in an interview. “Now we’ve got to come through this pandemic and see what the real state of the global economy is, and I think it’s going to be uneven.”