Chevron extended its sponsorship with the LPGA through 2029 and increased the purse for The Chevron Championship to $7.9 million in a joint announcement Tuesday.
The purse for the LPGA's first major of the season, which begins Thursday at The Club at Carlton Woods in The Woodlands, Texas, has increased by $4.8 million over the last three years.
Players who miss the cut at this year's event will receive $10,000 to help cover expenses, up from $5,000 last year.
"We are thrilled to extend our relationship with the LPGA and continue to help advance the great progress the Tour and the LPGA Foundation are making in this ever-changing environment," said Mike Wirth, chairman of the board and CEO of Chevron.
The LPGA's total annual prize money now stands at $123.25 million, an increase of 78.6 percent in the last five years. The majors have seen a 97 percent increase over the last three years, awarding at least $45.4 million this year.
"Chevron's extended partnership not only elevates the LPGA but also exemplifies a shared commitment to empowering and inspiring girls and women both on and off the course," LPGA Commissioner Mollie Marcoux Samaan said.
World No. 1 Nelly Korda headlines the field at The Chevron Championship, riding a four-start winning streak. Lilia Vu, the 2023 Rolex Player of the Year, is back to defend her title as she attempts to secure a third major victory.
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