In a move similar to those of its peers, Chevron Corp. announcedit would cut expenses by $500 million next year, including someunspecified staff reductions, and spend about $5.1 billion, 8% lessthan was spent in 1998. Cuts in 1999 capital spending will beaccomplished primarily in the company’s mature North AmericanE&P business, as well as in refining and marketing and inchemicals.
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The cash market started out this week looking remarkably similarto the way it did last week, but on a reduced scale. Because pricesweren’t digging out from nearly as deep a weekend hole as the oneof Dec. 5-7, Monday’s increases weren’t quite as spectacular asthose from the previous week but were still significantnonetheless.