Key Points
- Chevron plans to spend between $18 billion and $19 billion in 2026, which is at the low end of its previous guidance.
- About $9 billion is allocated to the U.S., with $6 billion of that focused on shale production.
- Offshore projects in Guyana, the Gulf of Mexico, and the Mediterranean will receive about $7 billion.
- The plan is heavily influenced by Chevron’s recent $55 billion acquisition of Hess and its Guyana assets.
Oil giant Chevron announced its 2026 spending plans, setting a budget of $18 billion to $19 billion. The company is tightening its belt, keeping spending at the low end of its previous forecasts as it focuses on boosting efficiency and shareholder returns. The strategy is clear: ramp up production in the United States and develop its major new oil stake in Guyana.
The move is part of a broader plan to cut costs and grow profits through the end of the decade. “Our 2026 capital program focuses on the highest-return opportunities while maintaining discipline,” CEO Mike Wirth said in a statement.
The bulk of the money, about $17 billion, will go toward oil and gas production. A huge chunk of that—around $9 billion—is earmarked for the United States, with $6 billion specifically targeting American shale fields.
Chevron expects this investment to help it produce over 2 million barrels of oil equivalent per day from the country next year.
Another $7 billion will fund major offshore projects. This includes developing the massive oil discoveries in Guyana, along with key projects in the U.S. Gulf of Mexico and the Eastern Mediterranean. Spending on the downstream part of the business, like refining, will be about $1 billion.
The intense focus on Guyana comes after Chevron closed its massive $55 billion acquisition of Hess in July. The crown jewel of that deal was Hess’s 30% stake in the incredibly productive Stabroek Block in Guyana.
