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Chevron Announces Actions in Response to Market Conditions – 3/24/20

Chevron Corporation today announced several steps it is taking in response to market conditions.

“With an industry leading balance sheet and a flexible capital program, we believe Chevron is resilient and positioned to withstand this challenging environment,” said Chevron Chairman and CEO Michael Wirth. “Given the decline in commodity prices, we are taking actions expected to preserve cash, support our balance sheet strength, lower short-term production, and preserve long-term value.”

The company is reducing its guidance for 2020 organic capital and exploratory spending by 20% to $16 billion. Reductions are expected to occur across the portfolio and are estimated as follows:

  • $2 billion in upstream unconventionals, primarily in the Permian Basin
  • $700 million in upstream projects and exploration
  • $500 million in upstream base business spread broadly across our U.S. and international assets
  • $800 million in downstream & chemicals and other

Cash capital and exploratory expenditures are expected to decrease by $3.3 billion to $10.5 billion in 2020. Total capital and exploratory spending in the second half of 2020 is expected to be about $7 billion, an annual run rate 30% lower than the approved budget announced in December 2019.

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