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Nairaland Forum / Nairaland / General / Business / Chevron Plans To Cut Capital Spending And Still Produce More Oil (259 Views)
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Chevron Plans To Cut Capital Spending And Still Produce More Oil by Nobody: 2:29pm On Mar 08, 2016 |
Chevron plans to cut spending and produce more oil.
The oil drilling giant announced Tuesday that it is reducing
its capital expenditure budget for 2017-2018 to a range of
$17 billion to $22 billion from $20 billion to $24 billion.
Chevron maintained its forecast for production growth this
year, as several projects that have been in the works for
several years would finally come online.
In the statement, CEO John Watson said, "Industry
conditions are tough right now, with low oil and natural
gas prices. We believe markets will improve, and we’ll be
well positioned when they do."
The company is holding its analyst meeting on Tuesday.
Its shares were little changed in pre-market trading on
Tuesday. They have fallen 12% over the past year.
Last week, ExxonMobil also announced cuts to its capital
spending plans, while still planning to launch new drilling
projects over the next two years. For more trending news visit www.kleeqers.com |
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