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19 Pages

Chevron oil and gas exploration summary

Chevron oil and gas exploration summary

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.

What's included?

This report includes 2 file(s)

  • Chevron oil and gas exploration summary PDF - 612.27 KB 19 Pages, 6 Tables, 18 Figures
  • Chevron.xls XLS - 624.50 KB


Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.

This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.

Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.

Wood Mackenzie benchmarks exploration results for over 40 companies. Our analysts provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies. We are the established global industry standard for oil and gas exploration performance.

  • Executive summary
  • Strategy
    • Upstream strategy
    • Evolution of exploration strategy
  • Investment and costs
  • Exploration
    • Well data
  • Reserves and resources
  • Production
  • Valuation
    • Increasing focus on unconventionals as conventional exploration is scaled back
    • Legacy position in the Permian transformed by unconventional plays...
    • ...and balanced by acquisitions in the Northeast
    • Australia and deepwater US GoM have been key legacy regions
    • Incremental exploration accretive in legacy areas...
    • ...while moves into frontiers yet to create value
    • Canadian unconventionals targeted for near-term value and longer-term LNG ambitions
    • Vaca Muerta the sole success from a foray into shales and tight plays outside North America

In this report there are 24 tables or charts, including:

  • Executive summary
    • Basins drilled and all conventional & organic unconventional discoveries 2007-2016
    • Ten year performance summary
  • Strategy
    • SWOT Grid
    • Net active exploration acreage by water depth
    • Net active exploration acreage by country
  • Investment and costs
    • Exploration & appraisal spend and reinvestment
    • Exploration & appraisal spend by water depth
    • Exploration & appraisal spend by basin maturity
    • Discovery costs by water depth
  • Exploration
    • Gross exploration & appraisal wells by basin and sector
    • Exploration wells drilled and spend per well
    • Exploration success rates
  • Reserves and resources
    • Top 40 discoveries (2007 to 2016)
    • Key organic unconventional plays
    • Volumes discovered by year
    • Volumes discovered by water depth
    • Volumes discovered by country
    • Volumes discovered by basin
  • Production
    • Production from new field discoveries and organic unconventionals, and as a proportion of all future production
  • Valuation
    • Full-cycle economics
    • 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
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