This High-Yield Oil Major Is Cutting Spending More Than You Think
The energy industry is in the middle of a commodity downturn. While that's not unusual, this particular trough is unique and likely to linger. In response, Chevron (NYSE: CVX), along with many peers, is pulling back on its capital spending plans.
The headlines around what's going on, however, don't really explain the extent of the situation at Chevron. Here's a different look at the moves the company is making.
Oil and natural gas are commodities subject to often swift and large price swings. So, on one hand, the current price drop isn't unusual for the highly cyclical industry. However, this time around, there's a confluence of events that suggest that this is going to be a deep and long downturn.
Source Fool.com
