Chevron swallows USD 10-11 billion in losses

The incessant oversupply of US shale oil and derived low prices prompt the oil and gas supermajor to roll back the throttle and consider major divestments.
Photo: Noah Berger/AP/Ritzau Scanpix
Photo: Noah Berger/AP/Ritzau Scanpix

Over the last few years, the US' combined fossil fuel output has surged by a quarter – and Appalachia shale, where Chevron has been active since 2011, has multiplied 20-fold during the last decade. However, the US oil and gas supermajor is struggling with the basics of supply and demand.

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