Source: Fortune
Investment Thesis
Chevron Corp. (CVX) released its second-quarter results on July 31, 2020. The stock plummeted on the news after the company missed analysts' earnings expectations.
The company posted an unprecedented fall in revenues, down over 50% from the same quarter last year. These dismal numbers were the direct consequence of sharply lower oil and natural gas price realizations and dwindling refining product margins.
The company also wrote down the value of its assets by $1.8 billion due to a "downward revision to its commodity price outlook. "
Furthermore, the company incurred $780