Chevron sets 2017 budget at $19.8 billion

© Reuters. Chevron (CVX)'s logo is seen in Los Angeles© Reuters. Chevron (CVX)’s logo is seen in Los Angeles

(Reuters) – Oil and gas major Chevron Corp (N:) on Wednesday announced a $ 19.8 billion capital and exploratory investment program for 2017.

The company said the 2017 budget represents a reduction of 42 percent from 2015 outlays and is expected to be at least 15 percent lower than projected 2016 capital investments.

Chevron said in March it would slash its capital budget by as much as 36 percent in 2017 and 2018.

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