Chevron posts $8.3 billion loss on write downs, job cuts

Chevron Corp (CVX.N) on Friday reported an $8.3 billion loss on asset writedowns from plummeting fuel prices, a forced exit from Venezuela and expenses tied to thousands of jobs cuts.

Multibillion-dollar asset writedowns have become a prominent part of second-quarter energy results, as a global oil glut emerged as the COVID-19 pandemic cut fuel demand. Chevron rivals Total (TOTF.PA), Royal Dutch Shell (RDSa.L), and Eni (ENI.MI) each wrote down billions of dollars in assets. BP (BP.L) has signaled an up to $17.5 billion hit.

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