EnergyWatch

Loss-making Chevron has lost control

We control what we can, Chevron says. Neither the supermajor's big cost-cutting measures nor increased oil prices have been sufficient to avoid a major deficit in the third quarter.

Photo: TORU HANAI/REUTERS / X90040

'It's mostly out of our hands.'

That's an approximate summary of the sentiment expressed by oil supermajor Chevron's Chief Executive and Chair Michael Wirth, after the US firm on Friday presented a quarterly fiscal report showing a bottom line at minus USD 207 million.

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