Chevron reports Q4 loss of $588 mn on low oil prices

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Chevron (Swiss: CVX.SW – news) reported a fourth-quarter loss of $ 588 million Friday as it vowed further spending cuts in response to plunging oil prices.

The results reflected a terrible quarter for Chevron’s exploration and production business, which booked a loss of $ 1.95 billion after garnering $ 35 a barrel for oil sold in the United States, compared with $ 66 a barrel a year ago.