Chevron Corporation’s newly announced 2026 capital program puts fresh emphasis on Guyana, underscoring the company’s deepening stake in one of the world’s most prolific oil basins, following its acquisition of Hess Corporation.
The company unveiled an organic capex range of US$18–19 billion for next year. While the overall figures mirror previous guidance, the details reveal how central Guyana has become to Chevron’s global upstream strategy.
Chevron said global offshore spending will total about US$7 billion in 2026, and that this allocation will “primarily” support development in Guyana, the Eastern Mediterranean, and the Gulf of America. Within that offshore envelope, the company disclosed that about US$0.4 billion in capitalized interest is tied to Guyana assets, a rare indication of the scale and importance of its investment footprint in the Stabroek Block.
“Our 2026 capital program focuses on the highest-return opportunities while maintaining discipline and improving efficiency,” Chevron’s Chairman and CEO Mike Wirth said. “We’re positioned to deliver superior shareholder returns while advancing investments that strengthen long-term value.”
The announcement marks the first full-year capital plan since Chevron acquired Hess, which held a 30% stake in the Stabroek Block, home to some of the largest offshore discoveries made in the last decade. The absorption of Hess has given Chevron a direct position in Guyana’s rapid production growth trajectory, driven by multiple floating production, storage and offloading vessels now operating or under development.
Chevron eyes Guyana expertise in Hess takeover, says CEO Mike Wirth | OilNOW
Chevron’s broader 2026 upstream budget sits at about US$17 billion, with U.S. shale investments remaining dominant. But the company’s decision to spotlight Guyana within its offshore plans signals that the basin is now a core pillar of its long-term portfolio.
Chevron also committed US$1 billion to lowering carbon intensity and expanding new energy businesses across its global operations, while affiliate capital expenditure of US$1.3–1.7 billion will support projects at Chevron Phillips Chemical Company LLC and Tengizchevroil LLP.
