Key facts
- Chevron is raising its exploration budget by 50% this year.
- Exploration spending could exceed $1.5 billion, up from below $1 billion in 2025.
- About 50% of the exploration budget is now invested in undeveloped frontier basins.
- Chevron increased exploration acreage by 35% over the past year.
- The company plans to drill 20 exploration wells in 2027.
Chevron is significantly increasing its exploration spending by 50% this year to over $1.5 billion, up from just under $1 billion in 2025, as it seeks to renew its portfolio with diverse global opportunities. The U.S. supermajor is shifting focus back to high-impact frontier exploration in regions like South America, Africa, and the Eastern Mediterranean to add reserves and production growth. This strategy is partly driven by geopolitical events and the need to diversify supply sources. The company has already increased its exploration acreage by 35% in the past year and has announced discoveries in Nigeria and Angola.