Chevron Corp. is raising its budget for conventional exploration and appraisal after a five-year stretch of soft spending, with 2026 outlays projected to exceed $1.5 billion. The company spent $1.82 billion on conventional exploration and appraisal between 2021 and 2025, a 36% drop from the prior five-year period, and is now committing capital across frontier blocks in Egypt, Peru, Suriname, Brazil, Guinea-Bissau, Namibia, and the Gulf of Mexico. The push follows a decline in Chevron's proven reserves to a decade low of 9.8 billion barrels of oil equivalent at the end of 2024, before recovering to 10.6 billion BOE at the close of 2025, helped by additional reserves and the $53 billion acquisition of Hess Corporation. Chevron shares closed at $206.69 on October 2, extending their 2026 gain to 35.61% and outpacing the broader S&P 500. Management expects annual EPS and adjusted free cash flow growth of more than 10% through 2030, assuming nominal Brent prices of $70 per barrel.
Chevron CorpChevron is raising its 2026 conventional exploration and appraisal budget to over $1.5 billion, committing capital across frontier blocks after years of soft spending.
