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

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.

While we acknowledge the potential of CVX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CVX and that has a 100x upside potential, check out our report about the cheapest AI stock.

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Disclosure: None.