Chevron to Invest $26 Billion in 2011

Company says it has the cash to pursue 'unparalleled set of opportunities'

Chevron, the second-largest U.S. energy company, on Dec. 9 announced it will invest $22.6 billion in exploration and production activities, including major natural gas-related projects in Western Australia. Another $2.9 billion will go toward downstream operations, including projects at the company's refineries in Mississippi and California that are geared toward improving returns.

"We have an unparalleled set of opportunities. Our previous investments have performed well, giving us the cash and financial strength to fund numerous attractive projects in rapid succession," Chevron chief executive John Watson said.

"At the same time, we are committed and able to reward shareholders with competitive dividend growth and share repurchases."

Chevron also said it would pursue development projects in the deepwater US Gulf of Mexico, western Africa and the Gulf of Thailand.

Chevron reported in October a third-quarter profit of $3.8 billions, down 1.6% from the same period last year.

Copyright Agence France-Presse, 2010

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