The third-quarter results reported Friday fell less than expected by investors and were aided by a 15 percent cut in capital spending.
Despite the drop in oil prices, Chevron’s CEO John Watson has said he would stick to plans to increase production by 20 percent by the end of 2017. Even with the current downturn, Watson said Chevron would continue paying dividends to its investors.
http://www.ibtimes.com/oil-giant-chevron-announces-big-job-cuts-amid-slump-global-prices-2163058
The job cut announcement came along with third-quarter net income reports. Chevron reported a fall to $2.04 billion from $5.59 billion compared to a year ago. The company’s revenue fell by 37 percent to $34.32 billion.
Global oil prices in June 2014 were over $100 a barrel but have since fallen and continue to hover below $50 a barrel. The price average from July to September was $51.30 for a barrel. The global oil market has been inundated with an increase in supplies from the U.S. and Persian Gulf.
http://www.infowars.com/oil-giant-chevron-announces-big-job-cuts-amid-slump-in-global-prices/
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