Chevron (NYSE: CVX), which announced its quarterly earnings last week, also expects 2016 capital expenditure of $26 billion, or about 24% lower than the 2015 budget, with further reductions to the $20 to $24 billion range expected in 2017 and 2018, reports Ben Levisohn for Barron’s.

Oil prices continued to slip Tuesday, with WTI crude oil futures down 5.1% to $30.0 per barrel and Brent crude 4.1% lower to $32.9 per barrel. Crude prices fell for the second straight day Tuesday as hopes of a deal to curb the global supply glut faded and concerns over weakening demand amid a mild winter mounted, Reuters reports.

Market Vectors Oil Service ETF

Max Chen contributed to this article.