Chevron Unveils Disciplined 2026 Capex Plan of $18-$19B, Focusing on High-Return Projects and Operational Discipline

Chevron has outlined its 2026 capital expenditure plan, setting a budget of $18-$19 billion, focusing on high-return projects, operational discipline and efficiency. The majority of the spending will be directed towards U.S. operations, including $10.5 billion for domestic projects and $7 billion for global offshore projects. Approximately $1 billion will be allocated to downstream operations and $1 billion to lower-carbon initiatives. Affiliate capital spending is projected between $1.3 and $1.7 billion.