Chevron has announced 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. Affiliate capital expenditure (affiliate capex) is expected to be $1.3 to $1.7 billion for 2026.
'Our 2026 capital program focuses on the highest-return opportunities while maintaining discipline and improving efficiency, enabling us to grow cash flow and earnings,' said Chevron Chairman and CEO Mike Wirth. 'We’re positioned to deliver superior shareholder returns while advancing investments that strengthen long-term value.'
Organic Capex
Total U.S. 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 U.S. shale & tight assets that include Permian, DJ and Bakken, underpinning anticipated U.S. 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 Gulf of America. Included in upstream spend is about $0.4 billion in capitalized interest, primarily related to Guyana assets.
Downstream capex is expected to be approximately $1.0 billion, with nearly three-fourths allocated to the U.S. Within total upstream and downstream budgets, about $1.0 billion is dedicated to lowering the carbon intensity of operations and growing new energies businesses. Corporate and other capex is expected to be around $0.6 billion.
Affiliate Capex
Chevron Phillips Chemical Company LLC spend is anticipated to be nearly half of affiliate capex in support of two new world-scale facilities under construction and expected to startup in 2027. Tengizchevroil LLP’s budget is approximately one-fourth of the affiliate capex budget.
Details of Chevron’s 2026 organic capex and affiliate capex budgets(1) include:
|
Range ($ Billions) |
|||
| U.S. Upstream(2) |
8.9 |
9.2 |
|
|
International Upstream |
7.8 |
8.1 |
|
|
Total Upstream capex |
16.7 |
17.3 |
|
|
U.S. Downstream |
0.7 |
0.8 |
|
|
International Downstream |
0.2 |
0.3 |
|
|
Total Downstream capex |
0.9 |
1.1 |
|
|
Other |
0.5 |
0.6 |
|
|
Total Capex |
18.0 |
19.0 |
|
|
Upstream |
0.5 |
0.7 |
|
|
Downstream |
|
0.8 |
1.0 |
|
Total Affiliate Capex |
|
1.3 |
1.7 |
(1) Numbers may not sum due to rounding.
(2) Spend related to the power business expected to be primarily incorporated into U.S. upstream segment, pending final commercial agreements.
Source: Chevron
