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)