Chevron Corporation is reducing its capital and exploratory budget for the next five years by billions of U.S. dollars compared to previous guidance as it looks to save its dividend payouts in the post-pandemic world. Chevron plans a capital and exploratory budget of $14 billion for 2021 and cuts its annual capital expenditure (capex) guidance for 2022-2025 to between $14 billion and $16 billion, the U.S. supermajor said on Thursday. Chevron’s previous capital guidance for the longer term was between $19 billion and $22 billion, which excluded…
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