Chevron cuts 2020 spending, Permian production forecasts by 20%
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(Reuters) - Chevron Corp 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 company said it would spend $16 billion instead of a planned $20 billion, including halving spending in the Permian..