Chevron Corporation’s capital and exploratory budget will be $18.3 billion in 2018, down from $19.8 billion in 2017. Chevron Corporation’s capital and exploratory budget will be $18.3 billion in 2018, down from $19.8 billion in 2017. Upstream spend is expected to total $15.8 billion in the period, with approximately $8.7 billion earmarked to sustain currently producing assets, including $3.3 billion for projects in the Permian and $1 billion for other shale and tight rock investments. Around $5.5 billion of the upstream program is planned for major capital projects underway, including $3.7 billion associated with the Future Growth Project at the Tengiz field in Kazakhstan. Global exploration funding is expected to be about $1.1 billion and remaining upstream spend will be for early stage projects supporting potential future developments. Approximately $2.2 billion of planned capital spending will go towards the company’s downstream businesses that refine, market and transport fuels, and […]