This Chevron Analyst Cuts Estimates On 2026 Budget Announcement, Strip Oil Pricing

The estimates for Chevron Corp (NYSE:CVX) have been revised following the company's 2026 budget announcement and guidance commentary as well as lower strip oil prices, JPMorgan analyst Arun Jayaram said in a note.

The Chevron Thesis: The company's official 2026 capex guidance, announced last week, came in better than expected, Jayaram stated.

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Chevron has set an organic capex budget of $18–19 billion for 2026, which is $1 billion, or 5%, below the midpoint of its long-term capex guidance range of $18–21 billion provided at the recent investor day, the analyst explained.

The earnings estimates for 2025 and 2026 have been slashed from $7.61 per share to $7.22 per share and from $8.65 per share to $5.78 per share, respectively.

He added that the estimates reflect lower oil and gas for 2025 and 2026 of $65.11/ $57.72 per bbl and $3.50/$4.18 per Mcf, below the previous outlook of $66.20/$63.12 per bbl and $3.37/$3.86 per Mcf.

CVX Price Action: Shares of Chevron had declined by 0.43% to $149.31 at the time of publication on Monday.

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