Chevron (CVX) Announces 2026 Capital Budget of $18 - $19 Billion

Chevron Corporation (NYSE:CVX) is included among the 11 Energy Stocks to Buy for a Retirement Portfolio.

Chevron Corporation (NYSE:CVX) manufactures and sells a range of high-quality refined products, including gasoline, diesel, marine and aviation fuels, premium base oil, finished lubricants, and fuel oil additives.

Chevron Corporation (NYSE:CVX) announced on December 4 that its capital expenditure for FY2026 will be between $18 billion and $19 billion, at the lower end of its annual CapEx guidance of $18 – 21 billion through 2030. Moreover, capital spending for affiliate companies is forecasted to be between $1.3 – $1.7 billion.

With crude prices near their lowest since 2021, Chevron Corporation (NYSE:CVX) is focusing on profits and outlined a plan last month to grow its free cash flow by over 10% annually through 2030 and grow production, while further reducing costs and capital expenditure. The company plans to cut $3 billion to $4 billion in costs by the end of next year, up by $1 billion from the previous target. Chevron expects its capital expenditure and dividend breakeven to be below $50 per barrel Brent through 2030.

In other news, it was reported on December 1 that HSBC has upgraded Chevron Corporation (NYSE:CVX) from ‘Hold’ to ‘Buy’, while assigning it a price target of $169. The target represents an upside potential of over 13%, as of the writing of this piece.

Chevron Corporation (NYSE:CVX) was recently included in our list of the 15 Long Term Stocks to Buy According to Reddit.

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Disclosure: None.