Chevron looses money in a quarter for first time since 2002

For the first time in over a decade, Chevron lost money in a fiscal quarter.

The company has been profitable in every financial quarter since 2002 until now. Chevron reported on Friday that it lost $588-million in the fourth quarter, compared to a profit of $3.47-billion in the same quarter of the year previous.

Chevron has so far sold off $11-billion in assets and pipelines over the past two years and will aim to sell an additional $10-billion more by 2017.

(Written by: N. Reitmayer; Original information source: Calgary Herald