NEW YORK (AFP) – Chevron, the second largest American energy company, on Thursday announced it will spend $ 26 billion in 2011 in investments and oil and gas exploration and production.
"We have an unparalleled set of opportunities. Our previous investments has done, "said give us cash and financial strength to finance many attractive projects in quick succession, Chevron CEO John Watson in a statement.
"At the same time, we are committed and able to reward shareholders with competitive dividend growth and share repurchases."
San Ramon, California-based company said it will invest $ 22.6 billion in exploration and production activities, including major natural gas-related projects in Western Australia.
Chevron also said that it would carry out development projects in deep-sea species in u.s. Gulf of Mexico, West Africa and the Gulf of Thailand.
Another 2.9 billion dollars will go towards the downstream operations, including the project at its refineries in Mississippi and California which focuses on improving yields, said.
Chevron reported in October, a third-quarter profit of $ 3.8 billion, down 1.6% from the same period last year.
The company's shares were 0.8% on Wall Street at 1500 GMT on Thursday.
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