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Chevron announced Tuesday March 8 it would cut spending again due to continued low oil prices. Image via Flickr

Chevron cuts spending budget again

NEW YORK (AP) — Chevron is cutting its spending budget by nearly 40 percent for 2017 and 2018 as it deals with plunging oil prices, a bigger cut in spending than it previously expected.

The oil and gas company said Tuesday that it expects to spend between $17 billion and $22 billion on drilling and other projects in 2017 and 2018, lower than the $20 billion to $24 billion range the company had expected in October. The company has a spending budget of $26.6 billion this year, down 24 percent from the year before.

Several energy companies have announced plans to trim spending due to lower oil prices. Chevron Corp., based in San Ramon, California, has also cut jobs and sold some of its facilities and pipelines to raise cash.

In related news, Falling oil prices push Chevron to first loss since 2002.

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