Menos também para o Brasil! Agora é a vez da Chevron reduzir em US$ 4 bilhões seu plano de investimentos para 2020

Less Also for Brazil! Now It’s Chevron’s Turn to Cut Its Investment Plan for 2020 by $4 Billion

Written by Roberta Souza

Published on 25/03/2020 at 20:14

chevron, petróleo, petroleira

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Chevron Reduces Its Investment Plan By US$ 4 Billion In 2020

With recent events, large, medium, and small companies in the oil and gas sector are being forced to reassess their strategic plans and cash outlays in their activities. After Shell and ExxonMobil announced cuts, it is now Chevron’s turn to speak out. The company announced that it will have to cut its investments for 2020 due to the coronavirus pandemic.

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Michael Wirth, Chairman and CEO of Chevron said: “Given the drop in commodity prices, we are taking actions that should preserve cash, support the strength of our balance sheet, reduce short-term production, and preserve value in the long term“.

The investment cuts are expected to affect the unconventional upstream segment, with a reduction of US$ 2 billion, primarily in the Permian Basin. Additionally, another US$ 700 million will be taken from upstream projects and exploration.

Moreover, cuts will also affect upstream base businesses widely spread across the U.S. and other countries, with resource reductions of about US$ 500 million. Finally, there will be a reduction of US$ 800 million in downstream, chemicals, and others.

Less Also for Brazil! Now It’s Chevron’s Turn to Cut Its Investment Plan for 2020 by $4 Billion

Chevron Reduces Its Investment Plan By US$ 4 Billion In 2020

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