Chevron Corporation (NYSE: CVX) announced a $26.6 billion capital and exploratory investment program for 2016, including $4.5 billion of expenditures by affiliates. The 2016 budget is 24% lower than 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 John Watson, Chairman and CEO of San Ramon-based Chevron.

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

For upstream operations, approximately $9 billion of the planned capital spending is for existing producing assets, including shale and tight resource investments.

About $11 billion is related to major capital projects currently underway, $3 billion relates to projects yet to be sanctioned, and $1 billion is for global exploration funding.

More information is available at www.Chevron.com.