Chevron expects to have lower capital spending in 2026, aiming to produce more free cash flow. The oil giant plans to return more cash to investors through increased dividends and share repurchases. Chevron has completed major growth projects and acquired Hess, setting the stage for a big 2026. The company anticipates spending $18-19 billion on organic capex and $1.3-1.7 billion on affiliate capex next year. Chevron’s capital program focuses on high-return opportunities, with a significant portion allocated to its upstream operations and U.S. shale assets. The company aims to increase free cash flow significantly and deliver strong total returns in 2026.

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