With 2025 coming to an end soon, the numerous energy companies, such as Chevron, that dot the international landscape have released their respective reports and expectations for investments in upstream, midstream, and downstream sectors. The United States has become the talk of the energy town in recent months as the nation aims to increase energy output from traditional resources such as gas and oil. Chevron recently released its report for the expected spending on upstream assets for the new year, with billions earmarked to boost the company’s assets across the US and the Gulf of Mexico.
Chevron’s chequered history has not stopped the American giant from increasing spending
Chevron has been involved in several oil spills over the years, which some state is a natural order of business for such a large energy company with assets around the world. While the company has implemented measures to mitigate these types of issues, Chevron has also released its plans for upstream investment for the new year and beyond.
Chevron has become a cornerstone of the international upstream market with operations that span the length and breadth of the entire world. The company recently released a plan that outlines its intention to increase spending on crucial upstream, midstream, and downstream projects across the United States and the Gulf of Mexico.
Chevron’s capex plan calls for billions to be spent on expanding US energy assets in the coming years
The company announced the plan to allocate between $18 billion and $19 billion of total capital expenditures during 2026, with a broader plan that reaches $21 billion being a real possibility. The company aims to allocate approximately half of the 2026 capex in US-based upstream projects next year, which aligns with the US government’s plan to increase production of over 2 mb/d in 2026.
Chevron’s plan for increased investments in 2026 is set to bring in the new year in style
Chevron has long been at the forefront of the US energy market and boasts some of the largest and most profitable energy projects anywhere in the world. The company’s plans for investing in US energy projects come as the federal government aims to increase output from the conventional energy market, paving the way for oil and gas to continue to dominate the energy market, particularly in the United States.
“Our 2026 capital program focuses on the highest-return opportunities while maintaining discipline and improving efficiency, enabling us to grow cash flow and earnings. We’re positioned to deliver superior shareholder returns while advancing investments that strengthen long-term value.” – Chevron Chairman and CEO Mike Wirth
The plan, according to Chevron, is to divert the capital expenditure to several sectors, including:
- $6 billion is earmarked for US shale and tight assets
- $8 billion for operations across the Gulf of Mexico
- Between $1.3 billion and $1.7 billion for affiliate entities
Chevron has noted that the plan earmarks approximately $1 billion specifically for reducing carbon intensity levels at its US and Gulf of Mexico operations. Increasing investments in upstream projects have become the latest trend to sweep across the international market, with ADNOC revealing similar billion-dollar plans for its upstream operations.
Chevron has also acquired stakes in several new projects around the globe
Notably, building on its upstream investment plans, Chevron has also acquired a 30% stake in the Stabroek field in Guyana, which it obtained as part of its $55 billion acquisition of US independent Hess earlier this year. Acquiring stakes in international energy projects can diversify companies ‘ portfolios, exemplifying the global nature of the market. Chevron has become one of the largest integrated energy companies in the world, and through its substantial capex expenditure plans for 2026, will remain the backbone of the US energy market for the foreseeable future.
