Oil giants post massive losses

Tom Hinde

With oil prices down 70 percent over the past 18 months, even the world's biggest energy companies are beginning to feel the pain, said Clifford Krauss and Stanley Reed in the New York Times. Exxon Mobil, BP, and Chevron all reported massive fourth-quarter losses. Exxon Mobil, the biggest U.S. oil player, reported a 58 percent decline in its quarterly profit; BP's earnings were down 91 percent year-over-year. Chevron reported a $588 million quarterly loss, compared with a profit of $3.5 billion in 2014.