He famous, although, that the oil large has ready to “are living with no matter costs the marketplace provides.” Watson cited Chevron’s plan to chop capital spending through 25 % in 2016.
Chevron stocks have fallen greater than 20 % this yr amid a protracted stretch of decrease oil costs, pushed in part by way of an imbalance between manufacturing and intake. The cost of benchmark U.S. crude has plunged just about 40 % this yr.
“This can be a very turbulent time in our industry,” Watson stated, noting that the oil business is “generating greater than we’d like.”
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Supply : CNBC