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John J. Watson

Falling oil prices push Chevron to first loss since 2002

Chevron suffered its first money-losing quarter since 2002 in the final three months of last year, as plunging crude prices chopped more than one-third from its revenue.

Oil traded this month at levels not seen since 2003, although it has rebounded slightly in the last few days. Cheaper energy is great for consumers, who save with every fill-up, but oil-producing nations and big exploration companies like Chevron and Exxon are paying the price.

Chevron is cutting spending, laying off workers, and looking to sell even more of its assets. The problem with that strategy: It's a buyer's market right now for oil facilities, with too many for-sale signs.

The company has...

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