Chevron, the US oil and gas group, has announced steep cuts in its spending on production and exploration, as it set out a plan to cut capital expenditure in 2016 by 24 per cent. The cuts are the latest sign of how the slump in oil and gas prices since the summer of last year is forcing companies to rein back development of new reserves, reducing the supply that will be available in future years. John Watson, Chevron chief executive, said on CNBC television that “our number one priority” was to pay the dividend. Other large international oil companies, including Royal Dutch Shell and BP, have been the subject of mounting concern about their ability to maintain their dividends, and Eni of Italy announced a cut in March.