Chevron Guts Capital Spending as it Faces Low-Price, Low-Demand Reality

SUGAR LAND--November 6, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Chevron Corporation (NYSE:CVX) (San Ramon, California) has fared better than most oil and gas giants during the COVID-19 pandemic. The company managed to enjoy an operating profit from its production and refining operations in third-quarter 2020, despite a net loss of $207 million--which was a sight better than its $8.27 billion lost in the second quarter. Although the company acknowledges production is likely to stay relatively low for a while, it is seeing some improvement in its project executions. Industrial Info is tracking more than $51 billion in active Chevron projects worldwide, including nearly $13 billion worth in the U.S. and Canada that are under construction or set to begin construction before the end of first-quarter 2021.

Within this article: Details on some of Chevron's highest-valued projects to see recent movement, including a major drilling project in the Gulf of Mexico, two large chemical complexes on the Texas Gulf Coast and an oil terminal in Wyoming.