Chevron Sharply Reduces Annual Capex Guidance Amid Pandemic

SUGAR LAND--December 4, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Chevron Corporation (NYSE:CVX) (San Ramon, California) is cutting its annual capital guidance by 26-27% through 2025 as the global Oil & Gas Production giant contends with the impact of the COVID-19 pandemic. Chevron announced on Thursday a 2021 organic capital and exploratory spending program of $14 billion and lowered its longer-term guidance to $14 billion to $16 billion annually through 2025, from its previous guidance of $19 billion to $22 billion, which excluded its Noble Energy acquisition.