Chevron cuts 2020 spending, Permian production forecasts
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(Reuters) - Chevron Corp will slash capital spending by $4 billion (3.4 billion pounds) 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..