ChevronTexaco Plans to Boost Capital Spending

ChevronTexaco Corp. said it planned to raise capital spending 18% next year, investing heavily in West Africa and the Gulf of Mexico.

At its annual meeting with analysts in New York, the San Ramon, Calif.-based company said it would invest $10 billion in its capital and exploratory spending program next year, up $1.5 billion from this year, largely because several big projects were at a stage that required heavy expenditures.

ChevronTexaco shares fell 57 cents to $53.08 on the New York Stock Exchange.