Chevron has announced that it will invest up to $19 billion in 2026 as part of a strategy that leans heavily on boosting oil production in the United States and advancing newly acquired assets in Guyana.

The company said the spending range between $18 billion and $19 billion falls at the lower end of its long-term guidance, which had projected annual investments of $18 billion to $21 billion through the end of the decade. The U.S. energy giant recently unveiled a cost-cutting and efficiency push aimed at improving returns for shareholders.

Chief Executive Mike Wirth said the upcoming budget is designed to focus on projects with the strongest returns while maintaining financial discipline.

Around $17 billion of next year’s outlay will go into upstream operations, with roughly $9 billion earmarked for U.S. projects. Chevron expects to spend about $6 billion on shale developments and plans to lift American output to more than 2 million barrels of oil equivalent per day in 2026.

Offshore ventures, including work in the prolific Stabroek Block in Guyana, the Eastern Mediterranean and the U.S. Gulf of Mexico, will receive about $7 billion. Spending on downstream operations is set at around $1 billion, slightly below this year’s level.

Chevron completed its $55 billion takeover of Hess earlier this year, securing a 30% stake in Guyana’s fast-growing Stabroek Block as well as new acreage in the Bakken shale region.

The company says the 2026 plan reinforces its focus on efficiency, disciplined spending and long-term value creation for investors.