Chevron has announced plans for total capital expenditures of between US$18bn and US$19bn for 2026, with a broader range of US$18bn to US$21bn, mostly directed to its upstream segments (Chevron press release, 04/12/2025).
More than half of the total 2026 capex (around US$10.5bn) will be deployed in the US. The group intends to invest up to US$9.2bn on US upstream activities. Around US$6bn is earmarked for US shale and tight assets, including the Permian, Denver-Julesburg (DJ), and Bakken basins, supporting targeted US production of over 2 mb/d in 2026.
Meanwhile, global offshore capital expenditure is forecast at approximately US$8bn, primarily aimed at growth in Guyana, the East Mediterranean, and the US Gulf. Chevron holds a 30% stake in the Stabroek field offshore Guyana (11 Gboe of recoverable resources), obtained through its US$55bn acquisition of US independent Hess in July 2025 (KEI, 22/07/2025).
Capex for affiliate entities is expected to range between US$1.3bn and US$1.7bn in 2026. Approximately one-quarter of that is allocated to the Tengizchevroil project in Kazakhstan, where Chevron has a 50% stake and serves as operator. About US$1bn of total 2026 downstream and upstream capital expenditure will be used to reduce carbon intensity at its operations and expand new energies businesses, according to the group.