Chevron Corp. announced a $35 billion capital and exploratory investment program for 2015. Included in the 2015 program are $4 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.

Highlights of the spending program include $31.6 billion total for upstream ($8.2 billion for U.S. upstream and $23.4 billion for international upstream) and $2.8 billion total for downstream.

For upstream, approximately $12 billion of planned upstream capital spending is directed at existing base producing assets, which include shale and tight resource investments (about $3.5 billion). Roughly $14 billion is related to the construction of major capital projects already underway, primarily LNG (about $8.5 billion) and deepwater developments (about $3.5 billion). Global exploration funding accounts for about $3 billion.