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Jan 30, 2015

Chevron scraps 2015 share repurchase program on low oil prices

, 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, 2015