Chevron Corporationhas announced a 2019 organic capital and exploratory spending program of $20 billion.

“Our 2019 budget supports a robust portfolio of upstream and downstream investments, highlighted by our world-class Permian Basin position, additional shale and tight development in other basins and our major capital project at TCO in Kazakhstan,” said Chairman and CEO Michael K. Wirth. “Our investments are anchored in high-return short-cycle projects, with more than two-thirds of spend projected to realize cash flow within two years.”

Wirth continued, “We expect to continue to deliver steady production growth, enabling continued free cash flow that underpins our strong dividend and share repurchase program.”

Details of the 2019 Capital and Exploratory Spending Program include:

In the upstream business, approximately $10.4 billion is forecasted to sustain and grow currently producing assets, including $3.6 billion for the Permian and $1.6 billion for other shale and tight investments. Approximately $5.1 billion of the upstream program is planned for major capital projects underway, including $4.3 billion associated with the Future Growth Project at the Tengiz field in Kazakhstan. Global exploration funding is expected to be about $1.3 billion. Remaining upstream spend will be for early stage projects supporting potential future developments.

Approximately $2.5 billion of planned capital spending is associated with the company’s downstream businesses that refine, market and transport fuels, and manufacture and distribute lubricants, additives and petrochemicals.