The loss also includes US$1 billion to cover severance pay for up to 6,700 of its 45,000-person staff to leave their jobs in a global restructuring. — Justin Sullivan/Getty Images North America via AFP pic
Chevron wrote down its oil and gas production properties by US$5.6 billion, including its entire investment in crisis-ravaged Venezuela, where it was the last major US oil company still operating until ordered to wind down business by the Trump Administration. The total value of US goods and services produced last quarter fell at a 32.9 per cent annual rate, the deepest decline in economic activity in modern history.
The writedown of oil and gas properties included non-shale operations in the Permian Basin, the top US oilfield, offshore Gulf of Mexico fields, and undefined properties outside the United States, he said. The loss reflects an average 65 per cent reduction in the prices received for its petroleum produced last quarter as demand plummeted amid Covid-19 travel restrictions and declining industrial demand for fuels.
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