3/24, 12:11 PM (Source: TeleTrader)
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Chart for: Chevron Corporation

Chevron suspends share buyback, reduces spending

Chevron Corp. announced on Tuesday it will implement several measures in response to the current market conditions.

The company said it will reduce its 2020 capital spending plan by $4 billion, or 20%, while suspending its $5 billion share buyback program after the $1.75 billion first quarter repurchase. In addition, the production guidance for the Permian basin was reduced by 20%.

"With an industry-leading balance sheet and a flexible capital program, we believe Chevron is resilient and positioned to withstand this challenging environment. Given the decline in commodity prices, we are taking actions expected to preserve cash, support our balance sheet strength, lower short-term production, and preserve long-term value," chief executive Michael Wirth said in the press release.

Breaking the News / MD