Chevron announces 2026 capex budget of $18 to $19 billion

Chevron Corp. has announced what it describes as an “organic” capital expenditure range of $18 to $19 billion for consolidated subsidiaries (capex) for 2026, at the low-end of the long-term guidance range of $18 to $21 billion.

Total US spend is anticipated to be about $10.5 billion, more than half of the 2026 capex budget. 

Upstream is expected to be approximately $17.0 billion. Nearly $6.0 billion is expected for US shale and tight assets that include Permian, DJ and Bakken, underpinning anticipated US production of more than two million barrels of oil equivalent per day. 

Global offshore capex is expected to be approximately $7.0 billion, primarily supporting growth in Guyana, Eastern Mediterranean and what the company describes as “the Gulf of America.” Included in upstream spend is about $0.4 billion in capitalized interest, primarily related to Guyana assets.

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.”