Chevron Corporation (NYSE: CVX) has announced an expected organic capital expenditure range of $15.5 to $16.5 billion for consolidated subsidiaries (capex) and an affiliate capital expenditure (affiliate capex) budget of approximately $3 billion for 2024.

Upstream spending in 2024 is expected to be about $14 billion. Of this planned expenditure, two-thirds is allocated to the United States, including approximately $6.5 billion to develop Chevron’s U.S. shale and tight portfolio, of which around $5 billion is planned for Permian Basin development. About 25 percent of U.S. upstream capex is planned for projects in the Gulf of Mexico, including the Anchor project, which is expected to achieve first oil in 2024.

Downstream capex is expected to be roughly $1.5 billion, with 80 percent allocated to the United States. Corporate and other capex is projected to be about $0.5 billion.

Included in the upstream and downstream budgets is approximately $2 billion in lower carbon capex to lower the carbon intensity of traditional operations and grow new energy business lines. Chevron’s Geismar renewable diesel expansion project is expected to start-up in 2024.

Nearly half of affiliate capex is planned for Tengizchevroil’s FGP / WPMP project in Kazakhstan and about a third is planned for Chevron Phillips Chemical Company, including the Golden Triangle Polymer Project and Ras Laffan Petrochemical Project. WPMP field conversion is forecasted to begin start-up in the first half of 2024.

“We’re maintaining capital discipline in both traditional and new energies,” said Chevron Chairman and CEO Mike Wirth. “These investments are expected to underpin durable free cash flow growth to support our objective of returning more cash to shareholders.”