Chevron Cuts 2020 Spending Plans Again As Quarterly Revenue Declines
Total revenue and other income fell more than 10% to $31.50 billion in the quarter.
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Chevron Corp on Friday lowered its capital expenditure forecast for 2020 by another $2 billion as its first-quarter revenue took a big hit from the crash in oil prices.
Earnings at Chevron were $3.6 billion in the quarter, up 38% from $2.6 billion during the same period last year and boosted by $1.6 billion in asset sales in the Philippines and Azerbaijan.
Total revenue and other income fell more than 10% to $31.50 billion in the quarter.
The second largest oil producer in the United States cut its spending budget to $14 billion, on top of the $4 billion it slashed after the oil crash began in March. It had planned to spend $20 billion this year.
Oil and gas output rose to 3.24 million barrels per day, an increase of more than 6%.
(Reuters)