Chevron cuts capital spend plans, prioritizing U.S. oil plays
Chevron followed arch-rival Exxon Mobil in cutting its long-term capital spending plans, responding to this year’s slump in oil and expectations that prices won’t rebound any time soon.The company said Thursday in a statement that capital and exploratory expenditure will be $14 billion to $16 billion annually from 2022 to 2025, down from a previous forecast of $19 billion to $22 billion.The updated plan reflects the savage in crude during 2020, which has led the industry to make painful spending cuts. While oil has rebounded from the worst of its slump, prices remain below $50 a barrel, and the pandemic continues to weigh on global demand.Chevron’s update plan also illustrates its evolving priorities in the years ahead. Spending at its $45.....