Chevron Posts First Loss Since 2002 in Global Oil Downturn
The fourth-quarter net loss was $588 million, or 31 cents a share, compared with profit of $3.5 billion, or $1.85, a year earlier, the San Ramon, California-based company said in a statement on Friday. The per-share result compares to the 47- cent average profit estimate of 23 analysts in a Bloomberg survey.
Chevron‘s results were hurt by $1.1 billion in charges, including writedowns on the value of its oil and natural gas fields, according to the statement. The company discovered enough new crude and gas to replace 107 percent of what it produced during 2015.
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