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COVID-19 socked the oil and gas industry, with energy demand evaporating amid global lockdowns. Particularly hard hit were transport fuels, Chevron’s bread and butter. The company lost $5.5 billion, from a $2.9 billion profit the year before—itself, a sharp year-on-year drop. Said CEO Mike Wirth: “2020 was a year like no other.” The company announced steep cuts to capital expenditure. But 2020 was notable for another milestone, too: Chevron bought Noble Energy in a $13 billion acquisition, an industry-record price tag. The deal was completed in the fourth quarter.
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