You are here

Chevron halts buybacks as oil slump prompts budget squeeze

It cuts 2015 capex target by 13% to US$35b; the company is also abandoning natural gas exploration in Poland

Despite the steep fall in prices, "we believe long-term market fundamentals remain attractive", says Mr Watson .

New York

CHEVRON Corp slashed its drilling budget by the most in 12 years, suspended share buybacks and laid off workers as energy producers around the world curtail ambitions to cope with free-falling oil prices.

Chevron lowered its 2015 capital-spending target by 13 per cent to