Chevron reveals gain on sale of Azerbaijan assets
BAKU, Azerbaijan, Aug.1
By Leman Zeynalova – Trend:
US-based Chevron company has gained $310 million on the sale of Azerbaijan assets, Trend reports citing the company.
Chevron Corporation has reported a loss of $8.3 billion ($(4.44) per share - diluted) for second quarter 2020, compared with earnings of $4.3 billion ($2.27 per share - diluted) in second quarter 2019. Included in the current quarter were impairments and other net charges of $1.8 billion primarily associated with downward revisions to the company's commodity price outlook, severance accruals of $780 million, and a gain of $310 million on the sale of Azerbaijan assets.
The company also fully impaired its $2.6 billion investment in Venezuela due to uncertainty associated with the current operating environment and overall outlook. Foreign currency effects decreased earnings by $437 million.
Sales and other operating revenues in second quarter 2020 were $16 billion, compared to $36 billion in the year-ago period.
In April 2020, Hungarian MOL Group successfully closed the deal with Chevron Global Ventures, Ltd and Chevron BTC Pipeline, Ltd regarding the acquisition of their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57 percent stake in the Azeri-Chirag-Gunashli (ACG) oil field, and an effective 8.9 percent stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline.
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