Chevron reports worst quarterly loss in a decade

Jan. 31 (UPI) -- Chevron on Friday reported its worst quarterly loss in a decade -- $6.6 billion for the last three months of 2019, due mainly to a write-off of its Appalachian shale production sites.

The energy giant reported a net income of $3.73 billion in Q4, but listed a $10.4 billion non-recurring expense related to shale project and deep-water Gulf of Mexico projects.

The net loss was calculated at $3.51 per share, and Chevron's $36 billion in revenue was off nearly 15 percent over the same quarter a year ago.

Chevron said it produced a record average of 3 million barrels of oil a day.

The company reported total 2019 earnings of $2.9 billion, an 80 percent drop from 2018.

Shares of Chevron fell by 4 percent in early trading Friday following the earnings report.

Exxon Mobil reported Friday it made $5.7 billion in revenue in the fourth quarter.