Chevron is cutting both its guidance for shale production from the US Permian Basin and its capital spending this year by 20% in response to the oil price collapse, it said Tuesday. Shale oil and gas output from the Permian Basin is expected to be about 125,000 b/d of oil equivalent, or 20%, below prior guidance by year-end, Chevron said in a statement. No figure was given for its original Permian production target this year but Chevron produced 514,000 boe/d in the Permian during Q4 2019 and had been ramping up to get to 1 million boe/d in the coming years. As a result of the cutbacks, the oil major said it now sees its overall, underlying oil and gas production roughly flat relative to 2019 when it reported average output of 3.06 million boe/d. […]