2026 capital budgets of the 50 largest US oil and gas companies: when each went public, and how big it is

“An improved capital program for full-year 2026, which is expected to result in 8 to 12% lower total capital expenditures in 2026 compared to 2025 for approximately the same amount of lateral footage” Open the source

“However, we intend to reduce our capital expenditures in 2026 by 30%, to approximately $1.0 billion, in response to” Also stated on the Q3 earnings call on Oct. 21, 2025; the 10-Q is the first filing. Open the source

“Expectations for organic growth capital investments are approximately $4.5 billion in 2025, and $2.2 billion to $2.5 billion in 2026” Open the source

“Before the impact of any dispositions, the Company expects to deliver 2026 total average oil and condensate production volumes of approximately 230 Mbbls/d and total volumes of approximately 715 MBOE/d, with capital investment of less than $2.5 billion” Open the source

“In support of the significant strategic growth opportunities, Energy Transfer expects to invest approximately $5 billion of growth capital in 2026” Open the source

“Announced preliminary 2026 guidance, including $12 billion of capital expenditures, $10.2 billion of adjusted operating costs and 0 to 2% underlying production growth” Open the source

“▪ The Company expects gross capital expenditures of between $280 million and $320 million during fiscal 2026” Open the source

“Press release (Business Wire, Dec. 3, 2025): "Chevron announces 2026 capex budget of $18 to $19 billion" (organic capex, consolidated subsidiaries).” Not furnished to the SEC on Form 8-K; the first SEC filing stating it is the 10-K. Open the source (added in review)

“Press release "Kinder Morgan Announces 2026 Financial Expectations" (Business Wire, Dec. 8, 2025): 2026 budget includes almost $3.4 billion of discretionary capital expenditures.” Not furnished to the SEC on Form 8-K. The 10-K later restates it as almost $3.3 billion after the EagleHawk sale. Open the source (added in review)

“Investor presentation furnished on Form 8-K: capital expenditures chart with "2026 Guidance".” Open the source (added in review)

“"PBF Energy 2026 Guidance Information, January 2026": 2026 Capital Expenditures, Maintenance and Turnarounds $600 - $620, Capital Projects $235 - $250, Corporate/Logistics $50 - $55 (millions).” Date is the investor-relations posting date in the file path; not furnished on Form 8-K. Open the source (added in review)

“CVR Energy also announced its preliminary capital spending estimates for 2026 of $200 million to $240 million on a consolidated basis” Open the source

“General Business Update: "Expect 2026 Capital Expenditures, net of asset sales, to be less than $500 million".” Open the source (added in review)

“2026 Guidance |.. Growth capital expenditures of at least $600 million | • | Additionally, Sunoco has a multi-year path of bolt-on acquisitions tot” Open the source

“Taking into account WES’s acquisition of Aris Water Solutions, and anticipated 2026 growth-oriented capital program of approximately $1.1 billion, WES still expects to maintain net leverage at or near 3.0x Adjusted EBITDA (1) in 2026” Open the source

“Capital investment (consisting of capex, exploration data costs and APS investments) for the full-year 2026 is expected to be approximately $2.5 billion” Open the source

“Q4 2025 results: completions capital expenditures of about $250 million in 2026; power division $275 - $350 million of long-lead deposits plus $450 - $550 million of project spending, mostly project-financed.” No single company-wide total is stated. Open the source (added in review)

“Q4 release table, Year Ending December 31, 2026: "Expected capital investments $1,725" (million); about $1.7 billion attributable to Valero.” Open the source (added in review)

“The company expects cash capital expenditures of $27-$29 billion in 2026” ExxonMobil's December corporate plan update gives a multi-year capital range; the first 2026-specific range ($27 - $29 billion) is in the Q4 results. Open the source

“Announcing 2026 organic growth capital plan of $2.4 billion, aligned with natural gas and NGL investments driving mid-single digit adjusted EBITDA growth” Open the source

“MPC’s 2026 standalone (excluding MPLX) capital spending outlook: $ 1.5 billion” Open the source

“Announced 2026 capital budget of $2.4 billion, including $1.1 billion for sustaining capital and $1.3 billion for organic growth capital” Open the source

“Our capital spend is expected to be 3-5% of revenue over a 12 to 18 months rolling period and our 2026 capital spend is projected to fall within the same framework” Stated as a rate (3 - 5% of revenue), not a dollar budget. Open the source

“Based on current market conditions, capital expenditures in 2026 will be made at a rate that we estimate would equal up to 5% of annual revenue” Stated as a rate (up to 5% of annual revenue), not a dollar budget. Open the source

“Q4 2025 results coverage: 2026 capital expenditures forecast in the range of $315 million to $345 million.” Figure given with Q4 results; not in the filed press release text. Open the source (added in review)

“Remain focused on disciplined capital investments, anticipating full-year 2026 Growth Capital of +/- $350 million and Maintenance Capital of +/- $165 million net to Plains” Open the source

“The company also expects 2026 growth capex between $6.1 billion and $6.7 billion and maintenance capex between $850 million and $950 million” Open the source

“Production expected to average 4.1 Bcfe/d on $1 billion of D&C capital, including $900 million of maintenance capital and $100 million associated with not entering into a drilling joint venture in 2026” Open the source

“Q4 2025 results coverage: Nabors plans to allocate between $730 million and $760 million for full-year 2026, about $360 - $380 million of it for SANAD newbuilds.” Figure given with Q4 results; not in the filed press release text. Open the source (added in review)

“Full Year 2026 guidance provided as follows: Total Revenue $2,800 to $3,000 million, Adjusted EBITDA $940 to $1,020 million, and Capital Expenditures $590 to $640 million” Open the source

“Q4 release, "full-year 2026 guidance issued today": CAPITAL EXPENDITURES GUIDANCE, Full Year, Upstream capital $3,425 - $3,575 (million).” Open the source (added in review)

“Maintenance Capital Expenditures : 2026 maintenance capital spending guidance of $2,070, $2,210 million” Open the source

“In 2026, Expand Energy expects to run between 11 and 12 rigs and invest approximately $2.85 billion yielding an estimated daily production of approximately 7.5 Bcfe/d” Open the source

“The Company’s planned 2026 capital expenditures are between $5.5 billion and $5.9 billion” Open the source

“Estimates 2026 net growth capital expenditures of approximately $4.5 billion” Open the source

“2026 Guidance |.. Capital expenditures approximately $340 million | Free cash flow 2 $1.3 - 1.45 billion | 1 Our guidance measures of adjusted” Open the source

“Q4 release outlook table: Capital expenditures, 1Q26E $35 - 45, FY26E $130 (million).” Open the source (added in review)

“Full year 2026 cash capital expenditures guidance of $3.6 - $3.9 billion” Open the source

“2026 Capital Expenditures: Total 2026 capital expenditures are expected to range between $2.7 billion to $3.2 billion” Open the source

“Total anticipated 2026 capital expenditures are estimated to range from approximately $6.3 billion to $6.7 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs and other property, plant and equipment and excluding property acquisitions, asset retirement costs, non-cash exchanges and transactions and exploration costs i...” Open the source

“Q4 release, "2026 capital budget and outlook": APA plans to invest $2.1 billion in total upstream capital, a 10% reduction versus 2025.” Open the source (added in review)

“The February 2026 outlook is consistent with Chord’s preliminary outlook discussed in November, which estimated 2026 oil volumes of 157-161 MBopd for approximately $1.4B of CapEx” Chord's February release says a preliminary 2026 outlook (about $1.4 billion of capex) was discussed in November 2025; the November filings do not state it, so the filed date is kept. Open the source

“2026 Guidance |.. Development Capital ($ MM) (2) | $1,325 - $1,425 | Corporate Capital ($ MM) | ~$30 | Adj. Operating Expense Ex. Prod. & Other Taxes ($/Boe) (1)(3)(4)” Open the source

“Our capital expenditures and deferred turnaround costs budget for 2026 is approximately $190 to $220 million and primarily relates to the planned Hawaii and Wyoming refinery turnarounds and other scheduled maintenance, capital projects, and turnaround projects related to” Open the source

“The estimated 2026 cash capex budget is approximately $1.75 billion to $1.95 billion, of which approximately $400” Open the source

“We are forecasting total capital expenditures of approximately $130.0 million to $160.0 million in 2026” Open the source

“10-K capital expenditures table, "2026 Budget": Refining segment total $222 million; Logistics and Corporate lines below it.” Open the source (added in review)

“We expect our total 2026 capital program to range between $430 million and $470 million” Open the source

Cheniere guides EBITDA and distributable cash flow, not a company-wide capital budget. Left out of the timing figures.

No 2026 capital figure found in the filed Q4 materials (Mar. 2, 2026); a $12 - $13 billion range is reported from the Q1 2026 call. Left out of the timing figures.