Chevron Cuts 2017/2018 Budget by 34%; Scaling Back in Marcellus

Chevron is cutting its budget for 2017 and 2018. Chevron maintains an active drilling program in the Marcellus Shale--but it has been selling bits and pieces of its Marcellus assets (see Chevron Lists Another 6,630 Marcellus Acres for Sale in Central PA). Previously the company committed to a capital budget of $26.6 billion for 2016--down 24% from 2015. They've just announced preliminary estimates for spending in 2017 and 2018--a plan to spend $17-$18 billion in each of those years. Chevron says it will continue to cut spending in order to "preserve cash" in the low price environment. What about their Marcellus/Utica program? They plan to take a "measured pace"...

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