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Chevron Corp. has introduced an natural capital expenditure (capex) vary of $18–$19 billion for 2026, positioning subsequent 12 months’s funds on the decrease finish of its long-term steering as the corporate emphasizes disciplined spending, effectivity enhancements and high-return upstream growth.
Chairman and CEO Mike Wirth mentioned this system is structured to increase money circulation and earnings whereas sustaining strategic flexibility. “Our 2026 capital program focuses on the highest-return alternatives whereas sustaining self-discipline and enhancing effectivity, enabling us to develop money circulation and earnings,” he mentioned. “We’re positioned to ship superior shareholder returns whereas advancing investments that strengthen long-term worth.”
Upstream stays the dominant focus
Chevron expects to direct roughly $17 billion towards upstream actions. Greater than half of complete natural capex—round $10.5 billion—might be deployed in the USA, with almost $6 billion earmarked for shale and tight oil developments throughout the Permian, DJ and Bakken basins. These property will underpin the corporate’s focused U.S. manufacturing stage of greater than 2 MMboed in 2026.
The corporate plans to spend roughly $7 billion on international offshore initiatives, supporting continued development in Guyana, the Jap Mediterranean, and the Gulf of America. The funds additionally contains roughly $0.4 billion in capitalized curiosity, largely tied to Guyana’s increasing deepwater developments.
Downstream, low-carbon and affiliate funding
Chevron intends to take a position round $1 billion in downstream operations, with roughly 75% of that spend allotted to U.S. property. Throughout upstream and downstream budgets, about $1 billion might be directed towards decreasing carbon depth and advancing new power companies.
Affiliate capex for 2026 is projected between $1.3–$1.7 billion, led by Chevron Phillips Chemical Firm LLC as work progresses on two world-scale petrochemical amenities scheduled to start out up in 2027. Spending by Tengizchevroil LLP is anticipated to symbolize roughly one-quarter of affiliate expenditures.
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