Chevron Posts First Loss Since 2002
- No. 2 U.S. crude explorer posts first quarterly loss since '02
- Company maintains $2 billion payout to investors amid crunch
Chevron Loses Money For First Time Since 2002
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OPEC’s market-share war is inflicting more pain than the world’s top tier of oil producers have felt in at least 13 years.
Chevron Corp., the first super-major oil producer to report fourth-quarter results, posted its first loss since 2002 on Friday and said it’s bracing for a review of its credit rating. A glut of crude from the Persian Gulf and North American shale fields has collapsed prices, forcing the company to write down the value of its fields. Chevron’s results may presage a wave of writedowns next week as the other super-majors begin disclosing fourth-quarter results. Exxon Mobil Corp. and BP Plc report Feb. 2.