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Dec 7 (Reuters) - Chevron Corp :
* Says 2017 budget represents a reduction of 42 percent from 2015 outlays
* Chevron announces $19.8 bln capital and exploratory budget for 2017
* Chevron Corp - combination of lower spending and growth in production revenues supports overall objective of becoming cash balanced in 2017
* Included in 2017 program are $4.7 billion of planned affiliate expenditures.
* Spending for 2017 targets shorter-cycle time, high-return investments and completing major projects under construction
* "over 70 percent of our planned upstream investment program is expected to generate production within two years" Source text for Eikon: Further company coverage: