An entrance sign at the Chevron refinery, located near the Houston Ship Channel, is seen in Pasadena, Texas, U.S., May 5, 2019.
REUTERS/Loren Elliott(Reuters) - U.S. oil major Chevron Corp on Thursday cut billions off its long-term capital and exploratory budget after a major restructuring of its operations in a bid to ride out a collapse in oil prices and preserve its dividend.
Reeling from a sharp decline in oil demand and revenue due to the COVID-19 pandemic, Chevron and other oil majors have written off billions in asset values this year, while slashing output and laying off staff to save money.
Chevron, which was among the first oil and gas majors to cut spending plans this year, said it expects total capital and exploratory budget through 2025 to be between $14 billion (10.44 billion pounds) and $16 billion.
Its downstream refining and related operations were allocated $2.1 billion.
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