Operating Expenses
Dry Hole Expense
Chevron Dry Hole Expense decreased by 36.7% to $205.00M in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 9.6%, from $187.00M to $205.00M. Over 4 years (FY 2021 to FY 2025), Dry Hole Expense shows an upward trend with a 17.6% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementIncome Statement
SectionOperating Expenses
CategoryEfficiency
SignalLower is better
VolatilityVolatile
First reportedQ1 2013
Last reportedQ1 2026May 7, 2026
How to read this metric
An increase suggests lower exploration success rates, which can negatively impact long-term reserve replacement and capital efficiency.
Detailed definition
This represents the costs associated with drilling exploratory wells that fail to discover commercial quantities of hydr...
Peer comparison
Specific to upstream oil and gas; peers with higher exploration focus will naturally report higher dry hole expenses.
Metric ID:
cop_dry_hole_expenseHistorical Data
20 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 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $205.00M |
| 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% | -36.7% |
| 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% | +9.6% |
Range$113.00M – $453.00M
CAGR+13.4%
Avg YoY Growth+27.3%
Median YoY Growth+2.7%
Dry Hole Expense at Other Companies
Frequently Asked Questions
- What is Chevron's dry hole expense?
- Chevron (CVX) reported dry hole expense of $205.00M in Q1 2026.
- How has Chevron's dry hole expense changed year-over-year?
- Chevron's dry hole expense increased by 9.6% year-over-year, from $187.00M to $205.00M.
- What is the long-term trend for Chevron's dry hole expense?
- Over 4 years (2021 to 2025), Chevron's dry hole expense has grown at a 17.6% compound annual growth rate (CAGR), from $549.00M to $1.05B.
- What does dry hole expense mean?
- The cost of drilling wells that do not result in profitable oil or gas production.