What is Chevron's exploration expense?

Chevron (CVX) reported exploration expense of $324.00M in Q4 2025.

How has Chevron's exploration expense changed year-over-year?

Chevron's exploration expense decreased by 27.8% year-over-year, from $449.00M to $324.00M.

What is the long-term trend for Chevron's exploration expense?

Over 4 years (2021 to 2025), Chevron's exploration expense has grown at a 17.6% compound annual growth rate (CAGR), from $549.00M to $1.05B.

What does exploration expense mean?

The money spent searching for new oil and gas deposits, including costs for unsuccessful drilling.

Exploration expense

Operating Expenses

Chevron Exploration expense increased by 12.5% to $324.00M in Q4 2025 compared to the prior quarter. Year-over-year, this metric declined by 27.8%, from $449.00M to $324.00M. Over 4 years (FY 2021 to FY 2025), Exploration expense shows an upward trend with a 17.6% CAGR.

Analysis

StatementIncome Statement

SectionOperating Expenses

CategoryCapital Allocation

SignalContext dependent

VolatilityVolatile

First reportedQ1 2013

Last reportedQ4 2025

How to read this metric

High spending indicates an aggressive growth strategy for reserves, while low spending may signal a focus on capital preservation or mature asset management.

Detailed definition

This represents the costs associated with searching for new oil and gas reserves, including geological and geophysical s...

Peer comparison

Specific to the energy sector; peers report this as 'Exploration Expense' or 'Geological and Geophysical costs'.

Metric ID: is_cvx_exploration_expense

Historical Data

19 periods

	Q2 '21	Q3 '21	Q4 '21	Q1 '22	Q2 '22	Q3 '22	Q4 '22	Q1 '23	Q2 '23	Q3 '23	Q4 '23	Q1 '24	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25
Value	$113.00M	$158.00M	$192.00M	$209.00M	$196.00M	$116.00M	$453.00M	$190.00M	$169.00M	$301.00M	$254.00M	$129.00M	$263.00M	$154.00M	$449.00M	$187.00M	$252.00M	$288.00M	$324.00M
QoQ Change	—	+39.8%	+21.5%	+8.9%	-6.2%	-40.8%	+290.5%	-58.1%	-11.1%	+78.1%	-15.6%	-49.2%	+103.9%	-41.4%	+191.6%	-58.4%	+34.8%	+14.3%	+12.5%
YoY Change	—	—	—	—	+73.5%	-26.6%	+135.9%	-9.1%	-13.8%	+159.5%	-43.9%	-32.1%	+55.6%	-48.8%	+76.8%	+45.0%	-4.2%	+87.0%	-27.8%

Range$113.00M – $453.00M

CAGR+26.4%

Avg YoY Growth+28.5%

Median YoY Growth-4.2%

Current Streak3 quarters growth

Frequently Asked Questions

What is Chevron's exploration expense?: Chevron (CVX) reported exploration expense of $324.00M in Q4 2025.
How has Chevron's exploration expense changed year-over-year?: Chevron's exploration expense decreased by 27.8% year-over-year, from $449.00M to $324.00M.
What is the long-term trend for Chevron's exploration expense?: Over 4 years (2021 to 2025), Chevron's exploration expense has grown at a 17.6% compound annual growth rate (CAGR), from $549.00M to $1.05B.
What does exploration expense mean?: The money spent searching for new oil and gas deposits, including costs for unsuccessful drilling.