- Chevron's (CVX) 1.6% drubbing today exceeded price losses in other big oil stocks, and perhaps this realization was the reason: Its average cost to pump a barrel of oil soared 56% during the past three years, according to its latest 10-K filing.
- CVX booked a massive $21.4B profit in 2013, but the company’s earnings have fallen for two straight years as these costs have started to bite.
- CVX is spending huge sums on projects that take years to build and have yet to bring in any cash; it spent $42B in 2013 and plans to shell out another $40B this year.
10-K: Chevron's cost to pump oil skied 56% over the past three years
Feb 21 2014, 17:57 ET