Chevron outlines cut in exploration and production spending


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“Global exploration funding accounts for approximately $1 billion of the total upstream budget, and the remainder is primarily related to early stage projects supporting potential, future development opportunities,” the company said. Crude oil prices are holding steady near the $50 per barrel mark on expectations that some level of balance between supply and demand is returning to the market.

Weatherford International, one of the larger companies servicing the exploration and production side of the energy sector, said its results for the third quarter were indicative of a market that turned the corner as crude oil prices start to even out. Chevron’s CEO said some of the company’s major projects were near completion and that should help the bottom line. “This combination of lower spending and growth in production revenues supports our overall objective of becoming cash balanced in 2017,” he said.


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