Chevron Doubles Down on Exploration as Reserves Dip

Chevron's exploration budget is set to surge by more than 50% in the next year, according to the company.

This significant increase means Chevron is focusing on meeting its long-term growth targets and addressing a strategic issue: reserve replacement. The company's organically proved reserves have dipped to one of the lowest levels in recent years.

Chevron plans to spend more than $1.5 billion this year in exploration alone, with Kevin McLachlan, Vice-President of Exploration at Chevron, stating that the company is increasing its exposure to as many frontier basins as possible through artificial intelligence and better seismic data.