Chevron (CVX) Increases Exploration Spending by 50%; Doubles Area in Two Years

Chevron (NYSE: CVX) is raising exploration spending 50% versus 2025, vice chairman Mark Nelson said in the company's Q3 earnings conference presentation released October 30, a figure separate from the company's overall capex growth rate. The company has doubled its exploration acreage over the past two years, adding 22 million acres, and has identified 30 new exploration prospects. The expanded portfolio spans both sides of the South Atlantic, where Chevron is pursuing new drilling candidates. The move signals a renewed push to replenish Chevron's resource base as it seeks future production growth, and investors will watch for details on how the incremental exploration budget is allocated across basins and whether the 30 prospects convert into drillable inventory in upcoming updates.