Chevron on Wednesday unveiled a $26.6 billion capital and exploratory spending budget for 2016 — 24% less than it expects to spend this year. Chairman and CEO John Watson said Chevron is pacing projects that have not reached final investment decisions given the near-term price outlook.
Chevron will spend $9 billion on existing base producing assets in its upstream segment, including shale and tight resources. Approximately $11 billion is earmarked for major capital projects that are already underway, and $3 billion will be spent on projects that have yet to be sanctioned. Chevron will spend $1 billion on global exploration.
Chevron also set aside $1.6 billion for its U.S. downstream business.
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