Chevron Slashes 2020 Capital Spending by 20%

Chevron said Tuesday it will lower funds paying by twenty% to about $16 billion this year as the oil business reels from the dual shock of plummeting demand from customers amid the coronavirus pandemic and slipping charges.

The biggest lower will come in the major U.S. oil area, the Permian Basin in West Texas and New Mexico, in which Chevron strategies to reduce its paying by 50% to $2 billion.

CEO Mike Wirth said the demand from customers-sapping coronavirus pandemic and an enhance in source because of to the oil-selling price war involving Saudi Arabia and Russia necessitated drastic steps.

“To see these two issues materialize concurrently is really unparalleled,” he told The Wall Road Journal. “We can’t regulate that, but we’re focused on building the moves that will protect the toughness of our enterprise.”

Chevron will also suspend its $five billion once-a-year stock buyback application but promised to safeguard

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