Overview
- Chevron allocates about $17 billion to upstream, including roughly $9 billion in the United States and nearly $6 billion for shale plays such as the Permian, DJ and Bakken.
- Offshore spending totals about $7 billion focused on Guyana, the Eastern Mediterranean and the U.S. Gulf of Mexico, with approximately $0.4 billion in capitalized interest mostly tied to Guyana projects.
- The company targets U.S. production of more than 2 million barrels of oil equivalent per day in 2026.
- The capex range lands at the low end of Chevron’s $18–$21 billion through‑2030 framework following a recently announced cost‑efficiency program intended to lift returns.
- Downstream capex is about $1 billion with nearly three‑quarters in the U.S., total U.S. capital spending is roughly $10.5 billion across the portfolio, and the Hess acquisition—adding a 30% Stabroek stake—guides 2026 priorities.