Chevron has announced a capital expenditure budget of between US$18 billion and US$19 billion by 2026, consolidating its strategy of concentrating resources on highly profitable assets and operational optimization. The figure is located at the lower end of its long-term projection, and seeks to strengthen its position as a major player in the global energy sector.
Chevron’s focus is on the United States and Guyana.
The U.S. oil company has set aside close to $10.5 billion for projects within the United States. Approximately $6 billion is earmarked for unconventional extraction areas such as the Permian Basin. Permian Basinand the Gulf of Mexico. These regions will help maintain domestic production in excess of two million barrels of oil equivalent per day.
Internationally, Chevron will commit about $7 billion to offshore operations, focusing on growth in Guyana, the eastern Mediterranean and the Gulf of America. The investment includes approximately $400 million in capitalized interests, mainly related to its assets in Guyana.
Expected spending for the downstream segment amounts to close to US$1 billion, of which 75% will be channeled to projects in the United States. This allocation also includes a $1 billion budget for initiatives aimed at reducing the carbon intensity of its operations and promoting the development of emerging energy businesses.
Affiliates will also play a key role in the 2026 budget. Chevron Phillips Chemical will concentrate almost half of the spending allocated to affiliates to advance the construction of two new industrial facilities, which are expected to come on line in 2027. Tengizchevroil will receive approximately a quarter of the total spending allocated to affiliates, consolidating its participation in the overall investment strategy.
Chevron President and CEO Mike Wirth said capital planning for 2026 responds to a disciplined strategy that prioritizes operating efficiency and shareholder return. With this approach, Chevron seeks to ensure strong cash flows while driving investments that reinforce its long-term value.
Source and photo: Chevron