Chevron will increase its 2027 exploration budget by more than 50%.
This spending represents a significant increase over 2025 investment levels.
Exploration chief Kevin McLachlan announced the surge to overhaul the company's search for oil and gas.
The strategy responds to what CEO Mike Wirth described as disappointing results from the exploration team in recent years.
Chevron plans to drill approximately 20 exploration wells in 2027.
The company will also drill five to six additional appraisal wells to increase prospect exposure.