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. 

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Source Fool.com