Chevron, the second-largest US energy company, on Thursday announced it will spend $26 billion in 2011 in investments in oil and gas exploration and production.
"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 in a statement.
"At the same time, we are committed and able to reward shareholders with competitive dividend growth and share repurchases."
The 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 it would pursue deepwater development projects in the Gulf of Mexico, western Africa and the Gulf of Thailand.
Another $2.9 billion will go towards downstream operations, including projects at the company's refineries in Mississippi and California that are geared towards improving returns, Chevron said.
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