Chevron Corp. has announced its capital expenditure budget for 2026, setting it at US$18 billion to US$19 billion and keeping it at the low-end of its long-term guidance range of US$18 billion to US$21 billion.
The U.S. oil major plans to direct most of its spending for 2026 to its upstream ventures. Chevron expects to deploy US$10.5 billion in the U.S., more than half of its capex budget for 2026.
Upstream investments are expected to be approximately US$17 billion, with nearly US$6 billion for U.S. shale and tight assets that include Permian, DJ and Bakken. The investment underpins Chevron’s target of more than two million barrels of oil equivalent per day.
Chevron Chairman and CEO Mike Wirth said: “Our 2026 capital program focuses on the highest-return opportunities while maintaining discipline and improving efficiency, enabling us to grow cash flow and earnings.
“We’re positioned to deliver superior shareholder returns while advancing investments that strengthen long-term value.”
As for offshore spending, Chevron expects to spend approximately US$7 billion, concentrated in supporting growth in Guyana, Eastern Mediterranean and Gulf of America. Included in the upstream spending is about US$400 million in capitalised interest, primarily related to Guyana assets.
Downstream capex is expected to be approximately US$1 billion, with nearly three-fourths allocated to the U.S.
Chevron is allocating about US$1 billion across upstream and downstream divisions to reduce the carbon intensity of operations and growing new energies businesses.
The company budgeted US$1.3 billion to US$1.7 billion for affiliate capex, driven largely by Chevron Phillips Chemical Company LLC, which is building two new world-scale facilities and expected to startup in 2027.
