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CHEVRON CEO: ‘Hundreds of billions of dollars are being taken out of the business right now’

It is tough out there in the oil business.

John Watson, chief executive of Chevron, one of the biggest oil and gas companies in the US, was on CNBC on Tuesday with Brian Sullivan, and he painted a pretty bleak picture.

“There are adjustments that are taking place in the business,” he said.

He continued: “If you look in the United States, production has fallen 500,000 barrels a day in the last six months. If you look at the capital that is being withdrawn from the business, hundreds of billions of dollars are being taken out of the business right now.

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