Chevron projects $20 billion spending budget for 2019

© Reuters. File photo of a Chevron gas station sign in Cardiff, California© Reuters. File photo of a Chevron gas station sign in Cardiff, California

HOUSTON (Reuters) – Chevron Corp (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.

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Source: Investing.com