Chevron and Exxon cut costs amid losses due to Covid-19

Picture: REUTERS/JESSICA RINALDI

The outlook for energy consumption “depends on when the world — this country and other countries — get control of the pandemic and those activities resume. We don’t know when that’s going to be”, said Chevron CFO Pierre Breber. For 2021, Exxon, the largest US oil producer, said capital spending would be between $16bn and $19bn, from an adjusted plan for spending about $23bn in 2020.

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