Chevron leads another wave of massive oil-industry spending cuts

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 92%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Chevron leads another wave of massive oil-industry spending cuts GlobeBusiness

Chevron Corp cut its capital spending budget by $4 billion on Tuesday, leading a wave of cost-cutting announcements across the reeling oil-and-gas industry as the coronavirus pandemic has slashed demand and triggered a dramatic slide in oil prices.

Chevron shares jumped 21 per cent on Tuesday to $65.73 as investors cheered the company’s budget cut, which was twice as big as analysts expected, as a sign it would not incur debt to finance operations. Shares were also buoyed by a higher U.S. stock market that was lifted by central bank stimulus measures.

The field is its “most flexible” for spending reductions. Chevron has 16 drilling rigs at work in the field now, down from 20 last year, and will drop to fewer than 8, Wirth said. Exxon Mobil, the largest U.S. oil company, has vowed to make significant cuts this year, while Norway’s Equinor also reduced its share buyback program.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

globebusiness

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines