Chevron makes deep cut in next year's investments

The US-based oil major, which this fall announced large-scale layoffs, is now making big cuts to investment budget for next year.

Photo: PR-foto: Chevron

Chevron has published its investment program for 2016 with a significantly reduced budget. The oil major expects to use around USD 26.6 billion next year, which corresponds to a 24 percent cutback compared to the projected level for 2015, says Chevron in a statement.

CEO John Watson does comment directly on the major reduction, though he points out that the figure will, among other things, enable Chevron to complete projects under construction, finance high returns and to maintain the opportunity to pursue sustainable, long-term projects.

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