Chevron Corp. has set an organic capital expenditure range of $18–$19 billion for 2026, placing next year's budget at the lower end of its long-term guidance, as the company continues to stress disciplined spending, efficiency gains and high-return upstream development.
The program is designed to grow cash flow and earnings while maintaining strategic flexibility, said Chairman and CEO Mike Wirth. "Our 2026 capital program focuses on the highest-return opportunities while maintaining discipline and improving efficiency, enabling us to grow cash flow and earnings," he said. "We're positioned to deliver superior shareholder returns while advancing investments that strengthen long-term value."
Upstream remains the dominant focus.
Chevron anticipates allocating nearly $17 billion to upstream projects. The majority of total organic capex, at roughly $10.5 billion, will be allocated to the United States, including nearly $6 billion for shale and tight oil developments in the Permian, DJ and Bakken basins. The company's targeted U.S. production level of more than 2 MMboed in 2026 will be underpinned by these assets.
The company plans to invest around $7 billion in global offshore projects, sustaining growth in Guyana, the Eastern Mediterranean, and the Gulf of America. The budget also includes about $0.4 billion in capitalized interest, mostly associated with Guyana's growing deepwater developments.
Downstream, low-carbon and affiliate investment
Chevron plans to invest about $1 billion in downstream businesses, with roughly 75% of that spend going toward U.S. assets. Taken together, upstream and downstream budgets would include about $1 billion for efforts to reduce carbon intensity and grow new energy businesses.
2026 Affiliate capex is expected to be between $1.3–$1.7 billion, with significant spending by Chevron Phillips Chemical Company LLC as construction continues on two world-scale petrochemical facilities that are expected to startup in 2027. Tengizchevroil LLP spending is anticipated to account for approximately one-quarter of affiliate spending.