Chevron forecasts 2026 production 3,980-4,100 mboed

Chevron Corporation

Chevron Corporation

CVX

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  • Chevron projected 2026 production of 3,980 to 4,100 MBOED, up 7% to 10% excluding asset sales, versus 3,723 MBOED in 2025 and 3,858 MBOED in 1Q26.
  • Organic capex guided at USD 18 billion to USD 19 billion, versus USD 17.3 billion in 2025; DD&A expected at USD 23 billion to USD 24 billion, versus USD 20.1 billion.
  • Affiliate distributions forecast at about USD 4.5 billion, versus USD 5.3 billion in 2025; buybacks guided at USD 2.5 billion to USD 3 billion in 2Q26 following USD 2.5 billion in 1Q26.
  • Asset sale proceeds expected at USD 1 billion to USD 3 billion; adjusted “All Other” segment earnings forecast at a loss of USD 3.6 billion to USD 4 billion.
  • Full-year 2026 earnings and cash flow sensitivity estimated at about USD 600 million per USD 1 change in Brent, about USD 700 million per USD 1 change in Henry Hub, about USD 150 million per USD 1 change in international spot LNG; 2Q26 upstream downtime expected to cut output by 100 to 150 MBOED.


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