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StocksMediumUpdated•Originally published 22 September 2026•Updated 22 September 2026•
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Chevron Targets 20 Exploration Wells in 2027 as Budget Rises More Than 50%

Key Facts

1The plan targets about 20 exploration wells and 5 to 6 appraisal wells in 2027.
2The exploration budget will rise by more than 50% from 2025.
3Exploration spending is expected to exceed $1.5 billion in 2026 versus just under $1 billion in 2025.

Chevron plans to drill about 20 exploration wells and 5 to 6 appraisal wells in 2027, according to reports attributing the plan to exploration vice president Kevin McLachlan. The programme is accompanied by an exploration-budget increase of more than 50% from 2025.

Chevron's total exploration spending, including unconventional activity, is expected to exceed $1.5 billion in 2026, versus just under $1 billion in 2025. Its global exploration acreage has also doubled since 2024, widening the opportunity set while increasing the capital exposed to drilling outcomes.

An exploration well tests for oil or gas in a new area or reservoir, while appraisal wells help determine whether a discovery is large enough and suitable for commercial production. More drilling therefore does not by itself imply a near-term increase in supply: appraisal must first establish viability, followed by development work and production facilities.

Chevron previously told investors it expected to return within 1 to 2 years to a pace of 16 to 20 exploration wells annually, split about 50% near existing assets and 50% in frontier areas. The financial impact depends on drilling results: the company said some recent exploration wells found nothing despite being completed on time and on budget.