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Stock Alert: Chevron Down 3%; Trims Capital Spending Guidance

Chevron Corp. (CVX) shares are sliding as it reduced its 2020 capital expenditure guidance by up to $2 to $14 billion. The shares gapped up at open, and are currently at $89.44, down 2.80 percent from the previous close of $92.00.

The company reported net income attributable to the company of $3.599 billion, up from $2.649 billion a year ago. On a per-share basis, earnings increased to $1.93 from $1.39 in the prior year. Total revenues and other income for the quarter decreased to $31.501 billion from $35.200 billion a year ago.

The company noted that commodity prices fell significantly in March and the weakness continued into the second quarter, primarily due to reduced demand resulting from the COVID-19 pandemic." Further, the company expects financial results in future periods to be depressed as long as current market conditions persist.

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