Chevron plans to slash budget in next two years to save cash

[March 08, 2016]  By Ernest Scheyder

NEW YORK (Reuters) - Oil and natural gas producer Chevron Corp said on Tuesday it will slash its budget by at least 17 percent for the next two years as it finishes construction on major expansion projects and works to save cash as oil prices sit near 10-year lows.

The company said it plans to spend between $17 billion to $22 billion annually in 2017 and 2018. For 2016, the company has already announced it would spend $26.6 billion.

Executives reiterated the company's commitment to pay its $1.07 quarterly dividend.

(Reporting by Ernest Scheyder; Editing by Chizu Nomiyama)

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