, Jan 30 (Reuters) – Chevron Corp
halted its 2015 share repurchase program on Friday, a move
designed to conserve cash amid tumbling oil prices and its
latest cost-cutting step after slashing capital spending.
Shares of the No. 2 U.S. oil producer extended losses after
comments by executives on a conference call, falling nearly 4
percent to $99 after being down 2.6 percent before the halt of
the buyback program was announced. Chevron repurchased $5
billion worth of shares in 2014.
, Jan 30 (Reuters) – Chevron Corp,
the second-largest U.S. oil producer, reported a
higher-than-expected quarterly profit on Friday as sales of
chemicals, lubricants and other refined products helped offset
plunging crude prices.
That drop in crude prices, about 60 percent since June, has
eroded margins across the oil industry and forced scores of
companies to slash spending budgets. Royal Dutch Shell,
a so-called international oil company like Chevron, said on
Thursday it would cut its spending over the next three years by