Energy
Chevron Cuts Buybacks and Exxon Sits Tight as Oil Plunges
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Chevron Corp. will reduce share buybacks this quarter after oil prices tumbled, indicating that President Donald Trump’s trade war is hurting a key US industry he pledged to help.
The Houston-based company said Friday it will repurchase about $2.75 billion of stock in the second quarter, about 30% less than it bought in the first three months of the year. It comes despite Chevron beating earnings estimates on more low-cost production from Kazakhstan and the Permian Basin.