Chevron cuts 2020 spending plans again, says profits jump on asset sales [Reuters]
Chevron Corporation (CVX)
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Source: Reuters
Chevron cuts 2020 spending plans again, says profits jump on asset sales HOUSTON (Reuters) - Chevron Corp on Friday slashed its capital spending plans by another $2 billion as the coronavirus pandemic guts demand for oil and gas, while delivering a year-over-year 38% increase in profits. Global fuel demand has crashed by a third while many people shelter at home for an indefinite period. Major oil companies have largely reported losses as an oil glut and a shortage of storage space sends prices to historic lows. Earnings at Chevron beat Wall Street expectations and were$3.6 billion in the first quarter, up from $2.6 billion during the same period last year and boosted by $1.6 billion in asset sales in the Philippines and Azerbaijan. The second-largest oil producer in the United States cut its spending budget to $14 billion, down from the $20 billion it had planned before the oil price crash. It initially cut $4 billion, but its 30% total planned spending cut now matches that of U.S. r
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News
- Politics And The Markets 12/05/25 [Seeking Alpha]Seeking Alpha
- Chevron Announces 2026 Capex Budget of $18 to $19 Billion [Yahoo! Finance]Yahoo! Finance
- Chevron Announces 2026 Capex Budget of $18 to $19 BillionBusiness Wire
- Chevron Initiates Discussions With Syria Over Oil and Gas Exploration [Yahoo! Finance]Yahoo! Finance
- Chevron (NYSE:CVX) was upgraded by analysts at Hsbc Global Res from a "hold" rating to a "strong-buy" rating.MarketBeat
CVX
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- 10/31/25 - Beat
CVX
Sec Filings
- 12/4/25 - Form FWP
- 12/3/25 - Form 4
- 12/3/25 - Form 4
- CVX's page on the SEC website