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.
See Also:
- Brazil’s Largest Oil Producing Field Recorded A 7.4% Decrease In Extracted Volume In February
- Selection Process Started Today For Professionals In Niterói, São Gonçalo, And Surrounding Areas For Welding, Boiler-making, And More Services
- Infections In Santa Catarina Due To Coronavirus Increase; Port And Shipbuilding Sectors Seek To Adjust To The New Reality
- Economic Impacts Of Covid-19 Reach Comperj In Itaboraí | Collective Vacations Approved For The Project
In total, US$ 4 billion will be reduced as a measure to mitigate the consequences of Covid-19 and the drop in crude oil prices.
-
Labubu officially arrives in Brazil in June with prices up to R$ 799.99, attempts to curb the invasion of counterfeits, and turns serrated-tooth dolls into a new craze among collectors.
-
Luciano Hang, owner of Havan, surprises and announces R$ 100 million to employees with the advance payment of the PPR and 13th salary for more than 23,000 employees during the 40th anniversary of the retailer, which aims to reach 200 megastores in Brazil.
-
The largest precious metals mine under construction in the world is situated on a layer of ore 25 times thicker than common mines in South Africa, and has just connected a third shaft that will quintuple the extraction of platinum, palladium, and gold.
-
Scientists discover why gold remains unrusted for thousands of years and reveal atomic reorganization that reduces reaction with oxygen by up to 1 trillion times
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.

Be the first to react!