By Laura Barron-Lopez - 12/12/13 10:28 AM EST
Chevron plans to cut its aggressive capital spending next year, The Houston Chronicle reports.
The oil giant aims to reduce its budget to $39.8 billion from the $42 billion it plans to spend this year.
But liquified natural gas investments in Australia will peak next year, Watson added.
Chevron plans to dedicate 90 percent of its 2014 spending upstream, as it invests in high-profile exploration across the globe.