Chevron cuts 2020 spending plans again as quarterly revenue declines

Chevron Corp on Friday lowered its capital expenditure forecast for 2020 by another $2 billion as its first-quarter revenue took a big hit from the crash in oil prices.

Its total revenue and other income fell more than 10% to $31.50 billion in the three months ended March 31.

The second-largest oil producer in the United States cut its spending budget to $14 billion, on top of the $4 billion it slashed after the oil crash began in March.