US energy giant Chevron said it was further cutting spending plans to address low oil and natural gas prices that are hammering its profits, The Wall Street Journal reported.

The second-largest US oil company reduced its capital spending targets to a range of $17b – $22b/y in 2017 and 2018, further down from $20b – $24b planned in reduction as announced previously in December 2015. For 2016, spending plans were slashed 24% to $26.6b.

Chevon also confirmed intention to slash 10% of its workforce. After 3,200 jobs were cut in 2015, the company said it would eliminate other 4,000 jobs this year, Daily Mail reported.

In an interview with CNBC, Chevron Chairman and CEO John Watson said that the company’s objective was to maintain the progression in shareholder dividends – having been raised for 28 years in a row.  Watson expressed confidence in the number of projects that are coming on stream, which will add revenue to the company.

Earlier, Chevron announced plans to ship its first cargo from its massive $54b Gorgon gas-export facility off Australia’s west coast. In January, Chevron reported a surprise fourth-quarter losses.

Meanwhile, other US energy companies announced slash in capital spending. Chevron’s US competitor ExxonMobil, the largest energy company in the US, cut its spending budget by 25% to $23b.