Chevron Corp. is cutting $4 billion from its capital budget as it confronts plummeting petroleum demand and an oil-price rout, the latest major energy company to axe its spending to shore up its balance sheet.

The oil giant said Tuesday it would reduce its 2020 spending by 20% to about $16 billion, with the biggest cut to come in the largest U.S. oil field, the Permian Basin in West Texas and New Mexico. Chevron will also suspend stock buybacks but promised to protect its dividend and said oil production would be flat.

Read More