Chevron Corporation announced a $35.0 billion capital and exploratory investment program for 2015. Included in the 2015 program are $4.0 billion of planned expenditures by affiliates, which do not require cash outlays by Chevron. The 2015 budget is 13% lower than total investments for 2014.

“We continue to execute against a consistent set of business strategies which are focused on creating long-term value for our shareholders. Although commodity prices have fallen recently, we believe long-term market fundamentals remain attractive,” said Chairman and CEO John Watson. “Our investment priorities are ensuring safe, reliable operations and progressing our queue of projects under construction. Once on-line, these new projects are expected to measurably increase our production and cash generation,” he said.

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