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Chevron suspends share buybacks for 2015 amid crude's collapse

Chevron Corp said it is suspending its share repurchasing program for 2015 as the drop in global oil prices squeezes cash flow. The shares dropped as much as 2.8 per cent.

Chief financial officer Pat Yarrington announced the suspension during a conference call with investors and analysts on Friday. The San Ramon, California-based company spent US$5 billion on buybacks in 2014.

BLOOMBERG