Chevron Shifts Gears as Pandemic Pummels Oil Prices
At its annual meeting with analysts on March 3, 2020, Chevron (NYSE: CVX) announced a five-year plan with the potential to distribute more than $75 billion to shareholders. Included in that plan was $5 billion in annual share repurchases and rising dividends, as well as approximately $20 billion per year in capital spending.
But that plan was predicated on the idea that oil prices would stay in the neighborhood of $60 a barrel.
Now, much lower oil prices prevail, global economies are reeling from the impact of the COVID-19 pandemic, and the company has revised its five-year plan dramatically.
Source Fool.com
