San Ramon, Calif.-based Chevron said Dec. 3 it established its 2021 capital and exploratory spending program at $14 billion and lowered its long-term guidance to $14 to $16 billion per year through 2025 (initial guidance was $19-$22 billion per year excluding Noble Energy). In 2021 Chevron will increase investments in Permian Basin, other unconventional basins and Gulf of Mexico conventional oil. The 2021 budget for upstream business includes $2 billion for Permian Basin unconventional development. Upstream capital spending will be 17 percent in Permian, 56 percent in international assets and 26 percent in other U.S. assets. Permian budget is 40 percent of U.S. exploration and production budget.