Investing.com - Oil and natural gas producer Chevron (NYSE:CVX) said Tuesday it will slash its budget by at least 17% for the next two years. Chevron plans to cut spending for 2017-2018 to a range of $17 billion to $22 billion from $20 billion to $24 billion. The company maintained its forecast for production growth through 2020 with several major projects due to come online. Like other energy companies, Chevron has been hit by the almost 70% drop in crude prices over the past 20 months. The budget cuts are a sign that it expects the downturn in global crude prices to continue despite the recent rally.