By Colin Kellaher
Chevron Corp. on Thursday unveiled a $14 billion organic capital and exploratory budget for next year, as the oil giant continues to reduce spending.
Chevron also lowered its longer-term spending guidance to a range of $14 billion to $16 billion a year through 2025, adding that it would continue to prioritize investments that are expected to boost long-term value and deliver higher returns and lower carbon.
The San Ramon, Calif., company said its 2021 budget includes more than $300 million for investments to advance the energy transition.
Chevron entered this year with a $20 billion spending plan, but it slashed the budget to $16 billion in March amid plummeting petroleum demand and an oil-price rout.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
12-03-20 0836ET