Chevron cuts billions off capital and exploratory budget
The oil major, even after restructuring, is trying to ride out a collapse in oil prices
03 December 2020 - 18:05
Bengaluru/Houston — US oil major Chevron has cut billions off its long-term capital and exploratory budget, even after a major restructuring of its operations, as it tries to ride out a collapse in oil prices and preserve its dividend.
Oil majors have written off about $80bn in asset values this year, cut output and laid off thousands of staff to save money in the face of a sharp decline in oil demand and revenue...
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