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In the months that followed the creation of ChevronTexaco, the new company found itself looking for resources in ever-more-difficult environments – deeper, more remote and increasingly complex fields, and underground reservoirs with more challenging characteristics.
“The era of easy oil is over,” said then Chevron CEO David J. O’Reilly.
From 2002 to 2007, Chevron earned close to $72 billion. During that same period, the company invested roughly the same amount to bring new energy supplies to market.
The company remained a leader among its peers, averaging a 42 percent success rate for exploration wells from 2002 through 2007. Chevron’s exploration program added an average of 1 billion barrels to its resource base over that same time period.
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