- Chevron's 2026 capex is set at $18-$19 billion, with $1.3-$1.7 billion for affiliates.
- U.S. upstream spending is $8.9-$9.2 billion, international upstream is $7.8-$8.1 billion.
- Downstream capex is $0.9-$1.1 billion, with $1 billion for carbon reduction and new energies.
- Chevron Phillips Chemical and Tengizchevroil LLP are key affiliates in the capex plan.
2026 Capex Overview
Chevron has announced a capital expenditure range of $18 to $19 billion for 2026, focusing on high-return opportunities. The budget is at the low end of the long-term guidance range of $18 to $21 billion. Affiliate capital expenditure is projected to be between $1.3 and $1.7 billion.
Investment Breakdown
The U.S. will see a significant portion of the investment, with $10.5 billion allocated, more than half of the total capex. Upstream spending is expected to be around $17 billion, with nearly $6 billion dedicated to U.S. shale and tight assets, including the Permian, DJ, and Bakken regions. Global offshore capex is projected at $7 billion, focusing on growth in Guyana, the Eastern Mediterranean, and the Gulf of America.
Downstream and New Energies
Downstream capex is anticipated to be approximately $1 billion, with nearly three-fourths allocated to the U.S. Within the upstream and downstream budgets, about $1 billion is earmarked for reducing carbon intensity and expanding new energy businesses. Corporate and other capex is expected to be around $0.6 billion.
Affiliate Investments
Chevron Phillips Chemical Company LLC will account for nearly half of the affiliate capex, supporting two new world-scale facilities set to start up in 2027. Tengizchevroil LLP's budget will comprise approximately one-fourth of the affiliate capex budget.
