Chevron and Total others cut production and assets by $ 50 billion – EnerCom Inc.

Chevron and Total others cut production and assets by $ 50 billion – EnerCom Inc.

EnergyMix

The world’s five largest oil producing companies collectively reduced the value of their assets by nearly $ 50 billion in the second quarter and slashed production rates as the COVID-19 pandemic caused a drastic drop in prices and fuel demand.

The five majors, which include Chevron Corp, Royal Dutch Shell and Total SA, also cut their capital spending by $ 25 billion between quarters.

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