Chevron Raises Exploration Spending by 50% as It Returns to Frontier Basins, Prioritizing Geopolitical Diversification Away from Key Chokepoints
Chevron is sharply increasing its exploration budget by roughly 50%, targeting more than $1.5 billion in 2026 compared with just under $1 billion in 2025. The move, driven by Vice President of Exploration Kevin McLachlan (recruited from TotalEnergies), marks a deliberate return to high-impact frontier basins after years of heavier focus on the U.S. Gulf […]
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