Chevron announces actions in response to market conditions

Chevron announces actions in response to market conditions.chevron corp - reduces 2020 capital spending plan by $4 billion, or 20%.chevron corp - reduces 2020 capital spending plan by $4 billion, or 20%.chevron corp - permian production guidance reduced by 20%.chevron corp - suspends share repurchases.chevron corp - company is reducing its guidance for 2020 organic capital and exploratory spending by 20% to $16 billion..chevron corp - cash capital and exploratory expenditures are expected to decrease by $3.3 billion to $10.5 billion in 2020.chevron corp - excluding 2020 asset sales and price related contractual effects, company expects 2020 production to be roughly flat relative to 2019.chevron corp - continues to execute its plans to reduce run-rate operating costs by more than $1 billion by year-end 2020..chevron corp - due to rapidly changing environment, there is uncertainty, unpredictability around impact on results, which could be material.chevron corp sees $2 billion reductions in upstream unconventionals, primarily in permian basin.chevron corp - total capital and exploratory spending in second half of 2020 is expected to be about $7 billion.chevron corp - permian production by end of year is expected to be about 125,000 barrels of oil equivalent per day.chevron corp - chevron's financial priorities remain unchanged.
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