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Chevron Slashes Long-Term Investment 27% Following Oil Slump

  • Annual expenditure now seen as low as $14 billion in 2022-2025
  • Revised outlook follows similar move by Exxon to cut spending
Updated on

Chevron Corp. followed arch-rival Exxon Mobil Corp. in cutting long-term capital spending, responding to this year’s slump in oil and expectations that prices won’t rebound any time soon.

Chevron’s capital and exploration budget will be $14 billion to $16 billion annually from 2022 to 2025, according to a statement Thursday, down 27% from the mid-point of its previous forecast.