Chevron: On Second Thought…
July 29, 2016 at 14:31 PM EDT
A downer day has turned slightly positive for Chevron ( CVX ), which reported a surprise loss this morning . Chevron reported a loss of 78 cents--well below forecasts for a 32 cent profit--but sales of 29.3 billion topped forecasts for $28.3 billion. The loss, however, was the result of a massive impairment charge that when removed, would have resulted in a sizable beat. Citigroup's Alastair Syme and Fernando Valle explain:
