Chevron Slashes 2016 Budget 24% As Oil Price Slump Lingers

Reuters

Dec 9 (Reuters) - Chevron Corp said on Wednesday it would slash its budget by 24 percent next year as it aims to control spending after oil prices fell more than 50 percent in the past 18 months.

The company plans to spend $26.6 billion in 2016 across the globe, with the bulk of spending on international oil and gas exploration and production projects.

Shares of Chevron fell 0.5 percent to $87.20 in after-hours trading. As of Wednesday's close, the stock has dropped 21 percent so far this year.

(Reporting by Ernest Scheyder; Editing by David Gregorio)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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