Earnings

Chevron cuts 2020 spending, Permian production forecasts by 20%

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Michael Wirth, CEO, Chevron, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020.

Adam Galasia | CNBC

Chevron will slash capital spending by $4 billion this year and suspend share buybacks, the latest oil company to cut costs in the face of an unprecedented slide in oil prices.

Oil has crashed by more than 60% since January, hit by global demand destruction from the coronavirus pandemic and a price war between Saudi Arabia and Russia.

The second-largest U.S. oil firm said it would spend $16 billion instead of a planned $20 billion this year, including halving spending in the Permian Basin, the top U.S. shale field. It now expects to pump about 125,000 barrels of oil…



Source cnbc.com

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