Marcellus Minutes is a subscription-based newsletter sent to all subscribers registered through the Marcellus Minutes website that contains information on legislation including bill tracking, committee hearings and news from the Capitol in Harrisburg. Access to the website is free and provided to those directly involved and those with an interest in Pennsylvania’s oil and gas industry.

Chevron Slashes Investment Budget for Next Year

U.S.’s second-largest oil company will spend only $1 billion on exploration in 2016.

Chevron Corp CVX -3.20% plans to slash its budget by 24% next year, part of a revamped strategy to rein in spending and position the energy giant to be nimble as oil prices show little sign of rising in the near future.

The dramatic cutback in spending is likely to be echoed by other oil majors who will soon release spending plans, with rival ConocoPhillips Inc. COP -2.21% set to release its 2016 budget on Thursday.

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