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 on 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.
Committed to growing the game. 👏
— LPGA (@LPGA) April 16, 2024
Thanks to @Chevron, the @Chevron_Golf 2024 Purse will be elevated to $7.9 million, an increase of 154% since 2022. 🏆 pic.twitter.com/xDTbdODpzV
"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 per cent in the last five years.
The majors have seen a 97 per cent 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.