Chevron has announced multiple cuts across portfolios in response to the coronavirus pandemic.

The integrated energy company is reducing its guidance for 2020 organic capital and exploratory spending by 20%.

It will further reduce spending by $700 million (£590m) on upstream projects and exploration and $2 billion (£1.6bn) in upstream unconventional markets.

Amid a decline in commodity prices, cash capital and exploratory expenditures are expected to fall by $3.3 billion (£2.7bn).

Chevron Chief Financial Officer Pierre Breber, said: “Chevron’s financial priorities remain unchanged. Our focus is on protecting the dividend, prioritizing capital that drives long-term value, and supporting the balance sheet.”

The company has confirmed the suspension of share repurchases and has taken actions to protect the dividend.