Premium Industrial NewsChevron Braces for Tougher Oil & Gas Market After Brutal 2020
Chevron Braces for Tougher Oil & Gas Market After Brutal 2020
Industry Segment: Production | Word Count: 970 Words
SUGAR LAND--February 2, 2021--Researched by Industrial Info Resources (Sugar Land, Texas)--Chevron Corporation (NYSE:CVX) (San Ramon, California) ended a rough year on a rough note: a $665 million net loss for the fourth quarter brought its full year to a $5.5 billion net loss, its first year in the red since 2016. The oil and gas giant slashed capital spending 35% following the COVID-19 outbreak, but it could not escape the effects of weak market conditions, heavy acquisition costs and renewed concerns over U.S. regulations as the Biden administration begins to lay out its energy agenda. Industrial Info is tracking more than $51 billion in active Chevron projects worldwide, including about $14 billion worth in North America.
Within this article: Details on some of Chevron's highest-valued active projects worldwide, including those most likely to be affected by new regulations--such as major drilling projects in the Gulf of Mexico.
Other companies featured: ExxonMobil Corporation (NYSE:XOM)
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