As American shale oil and gas resources age, Chevron is increasing its investment in offshore drilling projects.

Chevron has stated that as shale oil and gas fields in the United States mature, the company plans to invest a larger portion of its capital budget in offshore drilling projects next year. The company announced on Wednesday that its capital expenditure for 2026 will be up to $19 billion. The company had previously informed investors that annual budgets for the coming years could reach up to $21 billion. Chevron CEO Mike Wirth said in a statement, "The company is focusing spending on the most profitable projects." Chevron's budget includes approximately $7 billion for offshore projects in Guyana, the Eastern Mediterranean, and the Gulf of Mexico; Chevron acquired a 30% stake in the Guyana project from Hess Corporation this year. The Trump administration refers to the Gulf of Mexico as the "American Gulf."