Chevron 4Q15: First Quarterly Loss in 13 Years, Scaling Back 2016

Chevron, one of the country’s largest oil and gas companies (with a sizable drilling operation in the Marcellus/Utica) issued its fourth quarter and full year 2015 update last Friday. It was not good news. Chevron lost money in 4Q15–their first quarterly loss in 13 years. The reason? Upstream (or drilling) got “crushed” due to low commodity prices for oil and gas. The news has created jitters on Wall Street. This week three more majors are due to release their updates: ExxonMobil, BP and Shell. Investors are worried they may show losses too. In their Upstream division, Chevron lost $1.9 billion in 4Q15 over 4Q14, and they lost $4 billion for the entire year, after making $3.3 billion in 2014. Chevron is a BIG company, so don’t fret. They still made money company-wide. Although Chevron lost $588 million in 4Q15 (company-wide), they made $4.6 billion of net income for full year 2015…

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