The company is reducing its guidance for 2020 organic capital and exploratory spending by 20% to US$16 billion. Reductions are expected to occur across the portfolio and are estimated as follows:
Chevron Corporation has announced several steps it is taking in response to market conditions. “With an industry leading balance sheet and a flexible capital programme, we believe Chevron is resilient and positioned to withstand this challenging environment,” said Chevron Chairman and CEO Michael Wirth. “Given the decline in commodity prices, we are taking actions expected to preserve cash, support our balance sheet strength, lower short-term production, and preserve long-term value.”
The company is reducing its guidance for 2020 organic capital and exploratory spending by 20% to US$16 billion. Reductions are expected to occur across the portfolio and are estimated as follows:
