Oil major Chevron has posted its largest second quarter loss since 2001.
The company said the result was caused by the drop in oil price and its refining income.
The company said it lost $1.47billion in the quarter, compared with $571million the same time last year.
John Watson, Chevron’s chief executive officer, said the results reflected the company’s “ongoing adjustment to a lower oil price world,” but said he remained committed to becoming cash flow neutral, or at least generate as much cash as it spends.
Production also fell about 3% to 2.53million barrels of oil equivalent.
The company saidd in its refining division, profit dropped both domestically and internationally caused by an industrywide oversupply of fuel and other refined products.
Chevron has said it is reigning in costs, cutting about $6billion from its capital budget and operating expenses during the first six months of the year.
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