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Oil price drags Chevron into deficit in 2016

Chevron came out of 2016 in better shape than it did 2015. However, the company could not escape an overall deficit last year. "We are well positioned to improve earnings," says the chairman and CEO.

BY SØREN PICO, SHIPPINGWATCH

Things went from bad to worse for US-based oil company Chevron in 2016.

Low oil and gas prices dragged the company down into a total annual deficit of USD 497 million, relative to a net profit of USD 4.6 billion in 2015, according to a financial statement from Chevron.

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