Dec 11 (Reuters) - Chevron Corp, the second-largestU.S. oil company, said it plans to spend $39.8 billion onprojects and exploration in 2014, about 5 percent below theexpected 2013 spending.
Investors are putting increased pressure on the world'sbiggest oil companies to rein in spending and return more moneyto shareholders - a trend Royal Dutch Shell Plc recently warned against because it may create oil shortages inthe future.
"We expect 2013 will be a relative peak year forinvestments, as we completed several attractive resourceacquisitions," Chevron Chief Executive John Watson said in astatement on Wednesday.