Chevron Corp. /zigman2/quotes/205871374/composite CVX -3.68% said Thursday it is planning a capital and exploratory budget of $14 billion for 2021 and lowered its long-term guidance to $14 to $16 billion annually through 2025. "This capital outlook will continue to prioritize investments that are expected to grow long-term value and deliver higher returns and lower carbon, including over $300 million in 2021 for investments to advance the energy transition," the company said in a statement. The guidance is lower than earlier guidance of $19 billion to $22 billion, which excluded Noble Energy, which the company acquired in July. The integration is on track, said CEO Michael Wirth. Shares were not active premarket, but have fallen 25% in the year to date, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.48% has gained 4.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.67% has gained 13.6%.