Chevron projects US$20 billion spending budget for 2019

Chevron projects US$20 billion spending budget for 2019

Chevron Corp , the second largest U.S.-based oil producer, is budgeting US$20 billion for capital projects next year, the company said on Thursday.

File photo of a Chevron gas station sign in Cardiff, California
A Chevron gas station sign is shown in Cardiff, California, in this January 25, 2016 file photo. REUTERS/Mike Blake/Files

HOUSTON: Chevron Corp , the second largest U.S.-based oil producer, is budgeting US$20 billion for capital projects next year, the company said on Thursday.

The San Ramon, California-based company said it plans to spend US$3.6 billion to produce oil and gas in the Permian Basin of west Texas and New Mexico and US$1.6 billion for other shale investments. Chevron will spend US$4.3 billion on its Tengiz field in Kazakhstan.

About US$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)

Source: Reuters

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