Chevron cuts capex but E&P keeps lion's share

摘要

CHEVRON has scaled back its long-term capital spending plans by up to $8 billion a year on the previous estimate, as the US supermajor follows industry peers in adjusting its business for lower crude prices. The US-based giant is set for $14 billion in capital and exploratory spending next year, with the vast majority of that in the upstream sector. "Chevron remains committed to capital discipline with a 2021 capital budget and longer-term capital outlook that are well below our prior guidance," chief executive Michael Wirth said late last week.