Houston-based Chevron said last week Permian Basin accounted for 51 percent of its U.S. activity in 2025 and about one-third of its 2026 upstream budget of $17 billion will be directed to U.S. shale. Mike Wirth, chairman and CEO, said Dec. 3, “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 said its U.S. total spend in 2026 will be about $10.5 billion, including nearly $6 billion in shale and tight assets that include Permian, DJ and Bakken basins. Chevron anticipates U.S. production of more than two million barrels of oil equivalent per day. Analysts said Chevron’s 2026 spending plan “underscores a familiar strategy: maintain discipline, generate higher returns, and continue prioritizing top-tier barrels across U.S. shale basins and select offshore hubs… Chevron’s budget intentions align closely with the company’s actual 2025 U.S. drilling activity.”
Chevron drilled 210 wells in Permian (Delaware and Midland basins) in 2025 – more than DJ and Williston basins combined – to reinforce its role as Chevron’s “primary growth engine.”