Chevron Corp. Sets 2026 Capital Expenditure Target and Announces Key Project Decisions

Chevron Corporation (NYSE: CVX), a leading global oil, gas and fuels company, confirmed a capital‑expenditure budget of $18 billion to $19 billion for the year 2026. The announced figure represents the lower end of the firm’s long‑term guidance range of $18 billion to $21 billion and signals a disciplined investment approach focused on U.S. shale, offshore growth, and recent acquisitions.

2026 CapEx Framework

  • CapEx range: $18 billion – $19 billion (organic) for consolidated subsidiaries.
  • Strategic focus:
  • Expansion of U.S. shale production.
  • Growth in global offshore projects, including Guyana and other regions.
  • Integration of the recently completed Hess acquisition.

The guidance is reiterated across multiple media outlets, including Bloomberg, Reuters, OilPrice.com, and business wire releases, underscoring Chevron’s commitment to maintain capex within the lower boundary of its long‑term outlook while reinforcing key asset classes.

Gorgon Stage 3 Final Investment Decision

On December 5 , 2025, Chevron’s Australian unit and its joint‑venture partner Gorgon JV announced a Final Investment Decision (FID) for Gorgon Stage 3. The project, located off northwest Western Australia, will receive a $2 billion (A$3 billion) investment to boost Australian natural‑gas supply. The decision was reported by Reuters, Benzinga, and other outlets and represents a significant expansion of the Gorgon project’s gas output capacity.

Other Operational Developments

  • Venezuela Operations: Chevron continued to transport staff from Caracas to its Venezuelan oil production sites despite a U.S. Federal Aviation Administration warning about potential safety risks related to military satellite interference. The move was covered by Bloomberg on December 4, 2025.
  • Hess Acquisition Completion: The integration of Hess Corp. into Chevron’s operations was reported as a key milestone for the year, providing additional upstream assets and reinforcing the company’s U.S. and global footprint.

Market Position

As of December 4, 2025, Chevron’s stock closed at $150.00 per share. The company’s 52‑week high was $168.96 (March 25, 2025) and the 52‑week low was $132.04 (April 10, 2025). With a market capitalization of approximately $302 billion and a price‑earnings ratio of 26.14, Chevron remains a significant player in the energy sector.