Oil giant Chevron posts first annual loss since 1980

Chicago

CHEVRON Corp posted its first annual loss since at least 1980 as the world's biggest oil companies struggle to emerge from the worst collapse in a generation. Investors punished the stock, wiping out about US$5 billion in market value.

The company had a US$497 million loss last year and failed to replace all of the crude and natural gas it pumped with new reserves, California-based Chevron said in a statement on Friday.