Chevron Corporation has outlined an organic capital expenditure programme of between $18 billion and $19 billion for 2026, placing it at the lower end of its long-term guidance range of $18 billion to $21 billion. The company also expects affiliate capital expenditure to come in between $1.3 billion and $1.7 billion over the same period.
“Our 2026 capital program focuses on the highest-return opportunities while maintaining discipline and improving efficiency, enabling us to grow cash flow and earnings,” said Chevron Chairman and CEO Mike Wirth. “We’re positioned to deliver superior shareholder returns while advancing investments that strengthen long-term value.”
Under the new capex budget, total US spending is projected to reach around $10.5 billion, accounting for more than half of the planned outlay. Upstream activity is set to receive approximately $17.0 billion, including close to $6.0 billion for US shale and tight oil assets across the Permian, DJ and Bakken basins. These investments are expected to support anticipated US production of more than two million barrels of oil equivalent per day.
Global offshore spending is forecast at around $7.0 billion, backing developments in Guyana, the Eastern Mediterranean and the Gulf of Mexico. Upstream expenditure also includes around $0.4 billion in capitalised interest, largely tied to Chevron’s assets in Guyana.
Downstream capital spending is expected to total roughly $1.0 billion, with nearly three-quarters allocated to US operations. Within the wider upstream and downstream budgets, Chevron has earmarked around $1.0 billion for initiatives aimed at reducing the carbon intensity of its activities and expanding its new energies portfolio. A further $0.6 billion is planned for corporate and other capital requirements.
Within affiliate investments, Chevron Phillips Chemical Company LLC is expected to account for nearly half of the planned spend, supporting two new large-scale facilities currently under construction and slated to begin operations in 2027. Tengizchevroil LLP is set to make up roughly one-quarter of the affiliate budget.
Chevron describes itself as one of the world’s leading integrated energy companies, operating across crude oil and natural gas production, fuel manufacturing, lubricants, petrochemicals and additives, as well as developing technology across its businesses. The company said its aim remains to expand its oil and gas activities, reduce the carbon intensity of its operations, and continue building out new energy ventures.
