Chevron follows Exxon in slashing capital spending

Covid-19’s seismic effect on the fortunes of tanker owners is beginning to become clearer. Yesterday American energy major Chevron announced it will cut capital spending by 26% next year and make deep cuts through the middle of the decade, as a result of the Covid-19 pandemic’s industry-wide reappraisal of fossil fuel investment. Chevron will spend …

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