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.