Stocks – Chevron Surges in Premarket on Cash Conservation Package

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Investing.com — Stocks in focus in premarket trade on Tuesday, March 24th. Please refresh for updates. The main market indices are set to open sharply higher, with futures contracts having been halted, limit up, overnight. Please refresh for updates.

8:02 AM ET: Chevron (NYSE:CVX) stock was up 6.1% after the oil and gas major announced a package of measures to conserve cash. The company is suspending its $5 billion annual buyback program and cutting capital spending by 20%, or around $4 billion. The dividend will be left unchanged, as was the case on Monday with Royal Dutch Shell (LON:RDSa) and Total SA (PA:TOTF).