Chevron plans to sell assets and cut spending due to oil price fall

Chevron Corp. plans to sell off approximately $15 billion of its assets through 2017, according to Fuel Fix, which says that the company also plans to cut capital spending incrementally to roughly $30 billion in 2017. 

Fuel Fix noted that, in January, Chevron said it would trim capital spending to $35 billion in 2015, down $5 billion from its 2014 budget.

The proposed asset sale is an increased estimate, up from the company’s previous plan to divest of $10 billion in assets. Sale proceeds will help Chevron have neutral cash flow over the next years. The company has not yet identified which assets would be included in this plan.

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