Chevron CEO and chairman John Watson. Image courtesy of the Russian Government.

Chevron said Monday that it will place up to $15 billion worth of assets on the block through 2017, up from its previous $10 billion goal.

Chevron has not disclosed a list of assets for sale yet.

Chairman and CEO John Watson recently told investors that the sale will most likely concentrate on assets that are near the beginning or end of their life.

Proceeds from the sale will be used to bring the company to a neutral cash flow in the coming years.

“We’re committed to delivering free cash flow to cover the dividend in 2017 and growing free cash flow thereafter,” Watson said.

The company cut its 2015 capital spending budget down to $35 billion in January, a $5 billion drop from 2014.

Chevron said that despite the cuts it’s projecting a 20 percent production growth that would bring total production to 3.1 million barrels of oil equivalent per day by 2017.

Last year the company sold $6 billion in assets.



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