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Chevron to end stock buybacks, cut spending

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Oil giant Chevron Corp. announced it will suspend share buybacks and slash $4 billion in 2020 spending.

Oil has crashed more than 60% since January, sparked by the coronavirus pandemic and a price war between Saudi Arabia and Russia, Reuters reports.

Royal Dutch Shell separately indicated it would reduce spending and suspend its $25 billion share buyback plan.

Read more from Reuters.

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