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

December 03, 2020 08:36 ET (13:36 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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