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华尔街日报Chevron Keeps 2026 Capex Tight While Planning Billions For Shale And Guyana
Chevron Corporation (NYSE:CVX) on Wednesday disclosed that it expects an organic capital expenditure range of $18–$19 billion for consolidated subsidiaries (capex) in 2026.
The guidance is at the lower end of its long-term outlook of $18–$21 billion.
The company also expects to allocate $1.3–$1.7 billion in capital expenditures through its affiliates next year.
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Details
Chevron projects total U.S. capital spending to reach roughly $10.5 billion, accounting for more than half of its 2026 capex budget.
The company sees upstream investments at around $17.0 billion. This includes nearly $6.0 billion for U.S. shale and tight plays in the Permian, DJ, and Bakken basins, supporting U.S. production of over two million barrels of oil equivalent per day.
Global offshore spending is expected to be about $7.0 billion, mainly targeting growth in Guyana, the Eastern Mediterranean, and the Gulf of America, with about $0.4 billion in capitalized interest, mostly tied to Guyana projects.
Meanwhile, the company targets downstream capex at around $1.0 billion, with nearly 75% allocated to U.S. operations.
Within total upstream and downstream investments, Chevron expects to use roughly $1.0 billion for reducing carbon intensity and expanding new energy businesses.
Recent Investor Day Highlights
Last month, the oil and gas giant targeted 2%–3% annual growth in oil and gas production through 2030.
Also, Chevron stated that at a flat $70 Brent, the company projects average annual adjusted EPS growth above 10% through 2030, rising over 14% with escalating real prices.
In the Permian, the company plans to cut capital spending to about $3.5 billion starting in 2026.
Price Action: CVX shares are up 0.27% at $152.0 premarket at the last check on Thursday.
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