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Chevron Curbs Ambitious New Projects to Shield Dividends

  • Investor payouts cost Chevron about $8 billion a year
  • Tengiz final investment decision is expected this year
Updated on

Chevron Corp. is putting the brakes on all but one major oil project for the foreseeable future as collapsing crude prices make most new investments unprofitable.

The world’s third-biggest oil explorer plans to reduce spending on drilling rigs, oil platforms and other developments by about 26 percent during the next two years to ensure it has ample cash for dividends, Chairman and Chief Executive Officer John Watson said on Tuesday.