Chevron is accelerating oil and gas exploration in Africa, South America and the Mediterranean, supported by soaring energy profits following the Iran war. The company now allocates 50% of its exploration capital to undeveloped regions, up from roughly 20%, and plans up to 20 exploration wells annually, with half targeting new basins. First-half profits exceeded $14 billion, surpassing full-year 2025 earnings. Chevron is also deploying AI and advanced seismic technology to identify new reserves.