Chevron Corp. said it would cut its annual capital spending budget by 26% next year and sharply through the middle of the decade, as the coronavirus pandemic forces an industrywide reappraisal of fossil-fuel investment.
Chevron said it would spend $14 billion in 2021 and between $14 billion and $16 billion a year through 2025. It previously said it would spend $19 billion to $22 billion a year through 2024 before the pandemic, while returning as much as $80 billion to shareholders over that period.
