Chevron Corp. posted its first annual loss since at least 1980, signaling the difficulties faced by the world’s biggest oil companies as they struggle to emerge from the worst collapse in a generation.
The company had a $497 million loss last year and failed to replace all of the crude and natural gas it pumped with new reserves, San Ramon, California-based Chevron said in a statement on Friday. Shares slumped the most in four months.
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