Chevron has reduced its capex by 13% with plans to spend $35billion this year on oil and gas projects.
The company plans to spend the bulk of that amount on projects in Australia, Argentina and Kazakhstan.
The oil major said it would still be focused on investments in shale formations including one of its major plays in the oil-rich shale Permian formation in Texas.
In recent years the company has invested to bring major projects online to meet its production target of 3.1 million barrels of oil equivalent per day (boepd) by 2017.
Earlier this week Shell said it would be cutting its spending by $15billion over the next three years.
The move was made on the back of falling oil prices during the last six months.
Despite this, Shell had posted an increase in profits for the last three months of 2014, which jumped from $2.2billion in the same period a year earlier to $4.2billion.
BP is also set to announce its results next week, and is expected to report full year underlying replacement cost profits down by more than a quarter to $9.9 billion (£6.5 billion) compared to a year ago, following oil prices that have fallen by more than half since last summer.
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