Chevron Halves Permian Spending

摘要

US supermajor Chevron is cutting its spending in the Permian Basin by 50% as part of a broader reduction in spending that will also see the firm halt its share repurchase program. Overall, Chevron will cut its capital budget by 20% to $16 billion from $20 billion to preserve cash as the company grapples with the historic drop in oil prices. The company also said it would suspend its $5 billion share repurchase program after buying $1.75 billion in shares through the first quarter.