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.
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