Chevron to cut spending in 2014

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.

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"We expect 2013 will be a relative peak year for investments, as we completed several attractive resource acquisitions," Chevron CEO John Watson said in a written statement.

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.