Chevron Cuts Output Forecast As It Waits For Lower Costs

In a sign of how lower oil prices are re-shaping the business strategy of major oil companies, Chevron Corp. is cutting its forecast for long-term oil and gas production growth as it slows investment in some areas.

While still spending heavily in the new, complex projects that underpin its long-term growth strategy, Chevron will slash investments in existing fields and certain new projects such as unconventional natural gas fields in Colorado’s Piceance basin.
CNN