Chevron (NYSE: CVX) will cut capital and exploratory spending next year by 5 percent compared with 2009 levels, according to Associated Press.
The second-largest U.S. oil company, which is headquartered in San Ramon, Calif., said its spending program would amount to $21.6 billion in 2010 and will be dominated by oil and gas exploration projects.
Free Hot Penny Stocks, an online financial publication, provides investors timely stock market alerts. Free hot penny stocks profiles stock picks that could generate higher returns than average. These penny stocks include stocks with news, chart breakouts or increased volume.
Sign Up Today for our Penny Stock Newsletter
"Much of our 2010 spending continues to be on large, multiyear projects consistent with our upstream growth strategies and on improving operating efficiency and reliability," Chairman and CEO Dave O'Reilly said in a statement Thursday.
Among Chevron's major spending projects will be $17.3 billion for exploration and production including the development of the Gorgon natural gas project in Western Australia and other drilling operations in the Gulf of Mexico, western Africa and the Gulf of Thailand.
Sign Up for Free Hot Penny Stocks’ FREE Penny Stock Newsletter.
About Us
Free Hot Penny Stocks is a financial website and independent electronic publication that provides information and free penny stock alerts on selected publicly traded companies. We also track small cap companies and other tocks that may be positioned to break out. These penny stocks might have news, increased volume or chart breakouts. These penny stocks that are alerted could generate greater than average returns. Feel free to visit our penny stock forum to discuss other penny stock picks or penny stocks that you might own.
Free Hot Penny Stocks is not a registered investment advisor or broker-dealer. Please do your own Due Diligence before investing in any of the stocks mentioned above. To feature a company on our web site please contact us at the email listed below.
Please click here to read the full disclaimer
