Chevron cut its capital spending budget by $4bn (£3.4bn) yesterday, leading a wave of cost-cutting announcements across the oil and gas industry as it reels from declining demand in the face of the coronavirus pandemic and a dramatic slide in prices. The reset is being felt across the industry, as Chevron was joined yesterday in reducing expenses by oilfield service leaders Halliburton and Schlumberger, independent refiner Phillips 66, and Canada's Suncor.

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