Chevron cuts 2020 spending plans again, says profits jump on asset sales

Chevron Corp (CVX.N) on Friday slashed its capital spending plans by another $2 billion as the coronavirus pandemic guts demand for oil and gas, while delivering a year-over-year 38% increase in profits.

Global fuel demand has crashed by a third while many people shelter at home for an indefinite period. Major oil companies have largely reported losses as an oil glut and a shortage of storage space sends prices to historic lows.

Continue reading

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.