Chevron intends to reduce capital expenditure

(MENAFN) Chevron, the American multinational energy corporation plans to slash its capital spending budget for 2017-18, according to the latest reports.

The reduction will hit the range of USD17-22bn from USD20-24bn; however the California-based giant kept its projection for production growth through 2020.

Chevron is involved in every aspect of the oil, natural gas, and geothermal energy industries, including hydrocarbon exploration and production, among others.

"Industry conditions are tough right now, with low oil/gas prices. We believe markets will improve, and we'll be well positioned when they do," said the firm's CEO.