Chevron has laid out its 2026 capital program, built largely around its core oil and gas investments, with an organic budget of $18 to $19 billion and another $1.3 to $1.7 billion set aside for affiliate spending. The company, one of the world’s major integrated energy producers, positioned the plan as consistent with its long-term guidance and directed toward projects expected to yield solid returns across upstream, downstream and newer energy lines.
“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.”
A large share of those oil and gas investments will land in the United States. Chevron expects to spend about $10.5 billion there, accounting for more than half of its organic capex. Upstream allocations are projected at around $17.0 billion, including nearly $6.0 billion for shale and tight assets in the Permian, DJ, and Bakken: areas that support the company’s target of more than two million barrels of oil equivalent a day in U.S. production. Another $7.0 billion is planned for global offshore work in Guyana, the Eastern Mediterranean, and the Gulf of America, along with about $0.4 billion in capitalized interest tied mainly to Guyana.
Downstream spending is expected to reach about $1.0 billion, much of it in the U.S. Chevron has also set aside around $1.0 billion across its upstream and downstream budgets for efforts aimed at lowering carbon intensity and continuing to expand new energy businesses. Corporate and other capex totals about $0.6 billion.
Affiliate spending remains concentrated in two areas. Chevron Phillips Chemical Company LLC is set to take up nearly half of the affiliate spend as work moves ahead on two world-scale facilities scheduled to start up in 2027. Tengizchevroil LLP is expected to make up about a quarter of that budget. Together, these allocations show how Chevron’s 2026 plan keeps its oil and gas investments at the center of near-term development decisions while still supporting day-to-day operations and longer-range transition goals.
Details of Chevron’s 2026 Organic Capex and Affiliate Capex Budgets Range ($ Billions)
| Category | ||
|---|---|---|
| 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 (Affiliate) | 0.5 | 0.7 |
| Downstream (Affiliate) | 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 incorportaed into U.S. upstream segement, pending final commercial agreements.
