Chevron Targets $18 Bln - $19 Bln Capex In 2026, Focus On U.S. Shale And Offshore Growth

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(RTTNews) - Chevron Corp. (CVX) announced an organic capital expenditure range of $18 billion to $19 billion for consolidated subsidiaries in 2026, positioning the plan at the low end of its long-term guidance range of $18 billion to $21 billion. Affiliate capital expenditure is expected to be $1.3 billion to $1.7 billion for the year.

Chevron anticipates U.S. spending of about $10.5 billion, representing more than half of the 2026 budget. Upstream investments are projected at $17.0 billion, including nearly $6.0 billion for U.S. shale and tight assets such as the Permian, DJ, and Bakken basins, supporting expected U.S. production of more than two million barrels of oil equivalent per day. Global offshore capex is forecast at $7.0 billion, primarily targeting growth in Guyana, the Eastern Mediterranean, and the Gulf of America. Upstream spending also includes about $0.4 billion in capitalized interest, largely tied to Guyana assets.

Downstream capex is expected to total $1.0 billion, with nearly three-fourths allocated to U.S. operations. Within both upstream and downstream budgets, Chevron has earmarked about $1.0 billion to reduce the carbon intensity of operations and expand its new energies businesses. Corporate and other capital expenditures are projected at $0.6 billion.