Chevron's portfolio mix is undergoing a dramatic transformation as the company moves into a much more aggressive phase of exploiting its superior position in the Permian tight oil play. 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. However, infrastructure-led exploration has been fruitful. Chevron made three significant discoveries in deepwater GoM in 2017. These discoveries could allow the company to take advantage of existing GoM infrastructure, reducing commercialisation lead times and breakevens.