Chevron posted a loss in the third quarter as the Covid-19 pandemic continued to wreck global demand and economic activity, with the US supermajor pushing to bring costs down as it moves forward.

The company reported a loss of $207 million for the quarter compared with a profit of $2.6 billion in the third quarter of last year, “primarily due to lower commodity prices and margins resulting from the impact of Covid-19”.

Adjusted earnings for the period were $201 million compared to $2.9