Chevron Corp. expects to spend 20% more in 2022 on capital and exploratory efforts than it did this year to support “higher returns and low carbon” efforts, the supermajor said.

Organic capital expenditures (capex) in the coming year are set at $15 billion, at the low end of its $15-17 billion initial budget plan but still sharply ahead of this year’s spend. For new low carbon projects, $800 million has been earmarked; $600 million already has been set aside to advance a renewable fuel joint venture with Bunge North America Inc.

The 2022 budget reflects the San Ramon, CA-based producer’s “commitment to capital discipline,” CEO Mike Wirth said. “We’re sizing our capital program at a level consistent with plans to sustain and grow the company as the global economy...