The FINANCIAL -- Chevron Corporation announced a 2019 organic capital and exploratory spending program of $20 billion.
In the upstream business, approximately $10.4 billion is forecasted to sustain and grow currently producing assets, including $3.6 billion for the Permian and $1.6 billion for other shale and tight investments.
Approximately $5.1 billion of the upstream program is planned for major capital projects underway, including $4.3 billion associated with the Future Growth Project at the Tengiz field in Kazakhstan.
Global exploration funding is expected to be about $1.3 billion. Remaining upstream spend will be for early stage projects supporting potential future developments.
Approximately $2.5 billion of planned capital spending is associated with the company’s downstream businesses that refine, market, and transport fuels, and manufacture and distribute lubricants, additives and petrochemicals.