Chevron is increasing exploration spend by 50% relative to 2025
CVX•Chevron said it is increasing exploration spending by 50% relative to 2025. It expects to reach about 300,000 barrels per day of gross production in Venezuela by year-end and expects $400 million to $500 million in fourth-quarter after-tax earnings impacts from downstream turnarounds and downtime.
1. Spending and outlook
Chevron said it is increasing exploration spending by 50% relative to 2025. The company expects to reach around 300,000 barrels per day of gross production in Venezuela by year-end and said upstream debottlenecking projects recently added more than 85,000 barrels per day of capacity. It expects fourth-quarter downstream turnarounds and downtime to reduce after-tax earnings by $400 million to $500 million.
