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News > Companies
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ChevronTexaco 4Q off
graphic January 29, 2002: 9:50 a.m. ET

Oil producer posts loss, hit by lower industrywide crude prices.
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NEW YORK (CNN/Money) - ChevronTexaco posted a whopping fourth-quarter net loss Tuesday as weak industrywide crude prices siphoned the oil refiner's bottom line.

Including charges and other items for the quarter ended Dec. 31, the company posted a net loss of $2.5 billion, or $2.22 a share, compared with a profit of $2 billion, or $1.92 a share, a year earlier.

Excluding merger-related charges and other items, ChevronTexaco (CVX: down $1.22 to $87.65, Research, Estimates) earned $498 million, or 47 cents a share, down from $2.3 billion, or $2.15 a share, a year earlier.

Excluding the impact of negative currency transactions, ChevronTexaco earned 36 cents a share. Earnings tracker First Call could not immediately confirm whether that compares with analysts' consensus forecast for 90 cents a share.

Fourth-quarter revenue sank to $21.5 billion from $32.3 billion. graphic





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