Oil Major Chevron Cuts Capital Spending Amid COVID19 Crisis

COVID-19’s seismic effect on the fortunes of tanker owners is beginning to become clearer.
Chevron Corporation is reducing its capital and exploratory budget for the next five years by billions of U.S. dollars compared to previous guidance.
Chevron said it would spend $14 billion next year and no more than $16 billion a year through 2025.
It previously said it would spend $19 billion to $22 billion a year through 2024 before the pandemic.

Chevron Corp. is cutting its annual capital spending...