CHEVRON WILL REDUCE $26.6 BLN
Chevron Corp. projected capital spending plans for 2016 of $26.6 billion, which the oil giant said is 24% below expected capital and exploratory spending this year.
Chevron, the second-largest energy company in the U.S. by revenue, and other major oil companies have been cutting costs and capital spending plans in response to an extended downturn in prices for crude.
In October, Chevron said it would cut up to 10% of its workforce and, as Exxon Mobil Corp. did, it cut its future capital spending further. At the time, Chevron was trying to dial back its capital spending next year to between $25 billion and $28…
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