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.
