San Ramon, Calif.-based Chevron said Tuesday it will keep its annual capital and exploration budget flat at $20 billion in 2020, including about $4 billion for Permian Basin. Chevron said it will allocate more money to oil projects in Permian Basin, deepwater Gulf of Mexico and Kazakhstan and cut funding to natural gas projects such as in Appalachia. “We believe the best use of our capital is investing in our most advantaged assets,” Michael Wirth, CEO, said.