Chevron Cuts Budget 24 Percent on Low Oil Prices

Reuters reported that Chevron would be slashing its budget for 2016 by 24 percent in an effort to control spending in the midst of falling oil prices. The company is planning on spending $26.6 billion in 2016 across the globe, with the majority of its spending on international oil and gas exploration and production projects.
According to the Reuters report:

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.

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