HOUSTON (Reuters) – Chevron Corp (CVX.N), the second largest U.S.-based oil producer, is budgeting $20 billion for capital projects next year, the company said on Thursday.
The San Ramon, California-based company said it plans to spend $3.6 billion to produce oil and gas in the Permian Basin of west Texas and New Mexico and $1.6 billion for other shale investments. Chevron will spend $4.3 billion on its Tengiz field in Kazakhstan.
About $2.5 billion of planned spending is for the downstream business that refines, transports and markets fuels and petrochemicals.
Reporting by Jennifer Hiller; Editing by Tom Brown