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Chevron oil and gas exploration summary

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Report summary

Chevron's portfolio is in the midst of a big structural shift. Capital allocation is moving towards short cycle opportunities led by the Permian basin where Chevron holds a large low royalty tight oil position. The company achieved full cycle returns of 13% on its unconventional exploration during the 2007 2016 decade the best performance among the Majors. This success was predicated on outstanding results in the Wolfcamp and Bone Spring sub plays. Its conventional exploration performance remains highly dependent on two world class legacy deepwater regions: Australia and the US Gulf of Mexico. Both face challenges in commercialising the large volumes discovered. A select number of test areas could yield the next core region.

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Table of contents

  • Executive summary
  • Strategy
  • Investment and costs
  • Exploration
  • Reserves and resources
  • Production
  • Valuation

Tables and charts

This report includes 24 images and tables including:


  • Basins drilled and all conventional & organic unconventional discoveries 2007-2016
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Production from new field discoveries and organic unconventionals, and as a proportion of all future production
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value by reserve category
  • Exploration returns by water depth


  • Ten year performance summary
  • Top 40 discoveries (2007 to 2016)
  • Key organic unconventional plays
  • Full-cycle economics
  • SWOT Grid
  • Gross exploration & appraisal wells by basin and sector

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