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Cheap oil: Chevron slashes investment, share buybacks

2015-01-31 23:26:16| Oil & Gas - Topix.net

Chevron slashed $5 billion from its investment budget and shut down its share buyback program Friday as the crude price plunge continued to savage budgets of oil industry powerhouses. Chevron said it would spend $35 billion on exploration and production projects, 13 percent less than last year, in response to the nearly 60 percent fall of the oil price since the middle of 2014 due to a global glut.

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