Chevron earmarks $7 billion for offshore oil & gas moves in Guyana, Mediterranean and US Gulf

Chevron announced its capital spending plans for 2026, outlining a significant strategic push into offshore oil and gas. The company is allocating about $7 billion specifically for offshore developments in Guyana, the Eastern Mediterranean, and the U.S. Gulf of Mexico. This offshore budget is part of its broader $18–$19 billion organic capex for its consolidated subsidiaries, positioned on the low end of its long-term guidance. Chevron also expects $1.3–$1.7 billion in affiliate capital expenditure, reflecting the involvement of joint ventures and subsidiaries in major projects. The company’s total U.S. spending is projected to reach around $10.5 billion, meaning over half of its total capex will be directed domestically. In total, upstream operations (exploration and production) will receive roughly $17 billion, indicating a strong focus on production growth. A large share—nearly $6 billion—is dedicated to U.S. shale and tight formations, including the Permian Basin, DJ Basin, and Bakken, helping sustain Chevron’s goal of more than 2 million barrels of oil equivalent per day in U.S. production. The $7 billion offshore program is expected to advance Chevron’s international and Gulf of Mexico portfolio, with Guyana receiving particular emphasis, including about $0.4 billion in capitalized interest related to project financing.