March 2016, Vol. 243, No. 3

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Chevron Cuts Spending Budget Again

NEW YORK (AP) — Chevron is cutting its spending budget by nearly 40 percent for 2017 and 2018 as it deals with plunging oil prices, a bigger cut in spending than it previously expected. The oil and gas company said that it expects to spend between $17 billion and $22 billion on drilling and other projects in 2017 and 2018, lower than the $20 billion to $24 billion range the company had expected in October. The company has a spending budget of $26.6 billion this year, down 24 percent from the year before. “Industry conditions are tough right now,” said Chevron chairman and CEO John Watson, in a statement Tuesday. Watson also affirmed dividend growth and maintenance of a strong

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