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Chevron sets 2014 budget at $39.8 bln

Reuters - UK Focus

Dec 11 (Reuters) - Chevron Corp, the second-largest U.S. oil company, said it plans to spend $39.8 billion on projects and exploration in 2014, about 5 percent below the expected 2013 spending.

Investors are putting increased pressure on the world's biggest oil companies to rein in spending and return more money to shareholders - a trend Royal Dutch Shell Plc (Xetra: R6C1.DE - news) recently warned against because it may create oil shortages in the future.

"We expect 2013 will be a relative peak year for investments, as we completed several attractive resource acquisitions," Chevron Chief Executive John Watson said in a statement on Wednesday.