Chevron Corporation announced a $26.6 billion capital and exploratory investment program for 2016. Included in the 2016 program are $4.5 billion of planned expenditures by affiliates. The 2016 budget is 24% lower than total expected investments for 2015.

"Our capital budget will enable us to complete and ramp-up projects under construction, fund high return, short-cycle investments, preserve options for viable long-cycle projects, and ensure safe, reliable operations," said Chairman and CEO John Watson.

"We gain significant flexibility in our capital program as we complete projects under construction," Watson continued. "Given the near-term price outlook, we are exercising discretion in pacing projects that have not reached final investment decision."

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