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Chevron Tightens Belt as $40 Billion Makeover Sweeps Oil Sector

2015-02-01 00:10:55| Energy - Topix.net

Chevron Corp. halted share buybacks, slowed work on new projects and announced the biggest spending cut in more than a decade as oil explorers around the world curtail ambitions to cope with free-falling oil prices. Chevron lowered its 2015 capital-spending target by 13 percent to $35 billion and halted stock repurchases that absorbed $5 billion in cash last year.

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