Chevron Pumps Up Petrodollar Plans

Accordingly, the country’s No. 2 player in energy, Chevron (NYSE: CVX – News), announced a significant increase in its capital budget for 2006. All told, the company intends to spend about $14.8 billion in 2006, up 35% from 2005. In addition, the company announced a $5 billion, three-year share repurchase plan, which would absorb a little less than 4% of the share base at current prices.