The oil giant expects to make major investments in projects in Australia, deep areas of the Gulf of Mexico, Nigeria, Angola and China.
Nearly $9 billion of the spending is expected in the United States, including the Gulf of Mexico and gas-rich formations in Pennsylvania and at a refinery at Pascagoula, Miss.
Chevron earned $21.8 billion in the first nine months of this year, an increase of 59 percent from the same period last year, as higher crude oil prices more than offset a decline in production. Chevron is the second-largest U.S. oil company behind Exxon Mobil Corporation.
Chevron’s 2012 capital and exploratory spending programme includes $3 billion in planned spending by affiliates, which doesn’t require cash outlays by Chevron.
The company’s capital and exploratory spending in 2011 is expected to total about $28 billion, with the oil giant spending another $4.5 billion to buy Atlas Energy Incorporated.
Chevron said the 2012 capital programme covered several long-term projects under construction, including two liquefied natural gas projects in Australia and other work in offshore areas.
The San Ramon, California-based company said oil and gas production would rise about 20 percent by 2017.
Shares of Chevron rose 16 cents to close at $104.52. They have ranged between $84.49 and $110.01 in the past year.