March 24, 2020 / 11:09 AM / 4 months ago

Chevron cuts 2020 spending, Permian production forecasts by 20%

FILE PHOTO: The logo of Chevron Corp is seen in Los Angeles, California, April 12, 2016. REUTERS/Lucy Nicholson/File Photo/File Photo

(Reuters) - Chevron Corp (CVX.N) said on Tuesday it was lowering its forecasts for spending and Permian production by 20% for the year, and will suspend share buybacks as oil companies find themselves in one of the worst times in decades.

Chevron said it now expects organic capital and exploratory spending to be $16 billion for the year, while production in the Permian basin at the end of the year is expected to be about 125,000 barrels of oil equivalent per day.

Reporting by Shariq Khan in Bengaluru; Editing by Shinjini Ganguli

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