Chevron shared first-quarter earnings results on Friday

World World: Chevron shared first quarter earnings results on Friday, announcing it would reduce spending on share repurchases in the current quarter, a sign of a global economic slowdown.According to Chevron’s financial officer, Emire Bonner, the company could repurchase shares worth $11.5 billion to $13 billion this year, which is at the bottom of the company’s guidance of $10 billion to $20 billion.

The company paid a dividend of $3 billion this quarter and repurchased shares worth $3.9 billion. In the second quarter, the company is anticipating share repurchases worth $2 billion to $3.5 billion.Chevron’s global oil production produced 3.35 million barrels of oil per day (boepd) in the quarter, the same as the same period last year.

Controversy also continues over the company’s $53 billion Hess acquisition, which aims to give Chevron a significant entry into a major oil field off the coast of Guyana.