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Actionable news in CVX: CHEVRON CORPORATION,

Chevron Extends Losses as Reeling Prices Prompt Writedown

  • No. 3 oil explorer loses money for third straight quarter
  • Production from wells fails to match analysts’ estimates

Chevron Corp. extended its longest losing streak in more than a quarter century, missing profit and production expectations as a glut-driven price collapse forced a writedown of the value of oil and natural wells.

The company posted a surprise loss of $1.47 billion, or 78 cents a share, compared with profit of $571 million, or 30 cents, a year earlier, San Ramon, California-based Chevron said in a statement on Friday. Analysts had expected the world’s third-largest oil explorer by market value to earn anywhere from 19 to 41 cents a share. Output from Chevron’s wells fell 3.4 percent below the average estimate.

It was Chevron’s third straight quarterly loss, the longest slump for the company since at least 1989, according to data...