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Chevron posts largest quarterly loss since 2011

by ChemOrbis Editorial Team -
  • 29/07/2016 (19:15)
According to media reports, Chevron extended losses to another quarter, posting the largest quarterly loss seen since 2011 in the second quarter. The company’s weaker financial results for the quarter stemmed from lower crude oil prices and weak refining income.

In the April-June period, Chevron posted a loss of $1.47 billion, or 78 cents a share, compared with profit of $571 million, or 30 cents, a year earlier. Analysts had expected the company to earn 19 to 41 cents a share.

The company’s crude oil production was reported at 2.528 million barrels of oil per day (bpd) during the second quarter, down from analysts’ average estimate of 2.618 million bpd.

After announcing weaker financial results for the second quarter, Chevron reported that it is seeking to bolster its balance sheet by raising $5 billion to $10 billion from asset sales.
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