Chevron has announced that it will invest between US$18 billion and US$19 billion in 2026, with most of the spending directed toward its U.S. operations and projects tied to its recently acquired interest in Guyana’s Stabroek Block.
The company noted that this range falls at the lower end of its earlier forecast of US$18–US$21 billion in annual spending through 2030. Chevron has been outlining a decade-long plan to cut costs, improve efficiency and boost investor returns.
Chief Executive Officer Mike Wirth said the 2026 programme targets the company’s best-performing opportunities, while keeping spending disciplined and focused on driving cash flow and earnings.
Of the total investment, about US$17 billion is earmarked for upstream development, with roughly US$9 billion going toward the United States. Chevron intends to put US$6 billion into American shale and aims to produce more than 2 million barrels of oil equivalent per day from the U.S. next year.
Another US$7 billion will go into offshore projects, including work in Guyana, developments in the Eastern Mediterranean, and operations in the U.S. Gulf of Mexico. Downstream activities are set to receive about US$1 billion, slightly less than this year.
Chevron completed its US$55 billion acquisition of Hess in July, securing a 30 per cent stake in the Stabroek Block as the main prize of the deal. The purchase also added new assets in the Bakken shale formation in the United States.
