Chevron (CVX) earnings report Q3 2020

Chevron reported its second straight quarter of losses on Friday after revenue during the third quarter fell 32% year over year as Covid-19 continues to hammer the industry. Amid declining oil prices Chevron said it implemented aggressive cost-cutting measures.

The oil giant lost $207 million during the quarter. On an adjusted basis Chevron earned 11 cents per share, which was ahead of the 27-cent per share loss that analysts polled by Refinitiv had been expecting. Chevron’s revenue came in at $24.45 billion, which missed the consensus estimate of $25.8 billion.

During the second quarter the oil giant lost $1.59 per share on an adjusted…