Chevron Boosts Its Oil Exploration Spending: Chevron...

Chevron Boosts Its Oil Exploration Spending: Chevron Corp. said it would boost capital and exploratory spending this year by 20%, or about $800 million, to $5.1 billion. And $2.7 billion of that will go toward exploration and production of crude oil and natural gas, with 45% earmarked for the United States. Projects include deep-water oil and deep gas developments in the Gulf of Mexico, enhanced oil recovery in California and in west Texas. Chevron will also spend $1.7 billion on refining and marketing, with $1.1 billion slated for the United States.