Chevron expands its capital spending toward exploration production and refining

Chevron Corp. said Thursday that it will boost capital spending by 35 percent to $14.8 billion next year. The money will fund exploration, production and refining, the key elements to increasing the future supply of oil and gas.

Dave O’Reilly, chairman and CEO of the San Ramon company, said in a statement that the size of the expenditures “reflects a strong queue of growth projects, many of which are entering their construction phase and demonstrates our commitment to bring new energy supplies to market.”

SF Gate