Geochemical well logging provides a continuous record of the variations in elemental abundances of the major rock‐forming oxides of Si, Al, Ca, Fe, Ti, and K, as well as S, Gd, U, Th, and the H and Cl in the formation and pore fluid. Through the additional measurement of the photoelectric capture cross section of the rock, the sum of Mg + Na can also be estimated. Though not as accurate as laboratory analyses of recovered core samples, the log‐derived abundances are precise enough to define the degree and extent of alteration, to identify igneous lithostratigraphy, and to calculate integrated chemical exchange between the oceanic crust and seawater. In this paper, the elemental yields from geochemical logging in basalts are calibrated against extensive XRF analyses of cutting samples from the Lamont 2 test well into the diabases of the Palisades Sill, New York. Accuracy and precision of the log‐derived analyses are determined in the lower part of the well, and calibration equations are derived, which are then tested against core‐derived “standards” from the upper part of the well. The calibrated, log‐derived, elemental analyses are within one standard deviation of the core‐derived results (except for the Mg + Na curve, which is somewhat noisier). These calibrations are then applied to geochemical logs from the oceanic crustal basalts of Ocean Drilling Program hole 504B, where core recovery was less than 20% of the section. The accuracy and precision of the calibrated, log‐derived elemental abundances are tested against core‐derived standards from seven dike and sill intervals. Then the corrected elemental analyses are used to derive a mineralogy model for hole 504B that shows the oceanic crust to contain secondary mineralization in the form of celadonites and smectites in the pillow basalts and chlorites in the dikes that are largely confined to fracture and breccia zones. Cyclicity in the Al and other elemental logs was found to vary with the abundances of these alteration products and with eruption and intrusion event boundaries. The geochemical logging data are then used to estimate the integrated chemical exchange resulting from hydrothermal alteration of the oceanic crust that has occurred over the last 5.9 m.y. in hole 504B. The primary change is from Ca loss and Mg gain caused by the reaction of basalt with seawater. A large Si increase found in the transition zone between the pillows and dikes is attributed to precipitation of quartz during mixing of hot, up welling hydrothermal fluids and cold, downwelling seawater at what was once a major permeability discontinuity. The present low‐to‐high permeability transition in hole 504B is found 500 m shallower. The K budget requires significant addition to the uppermost pillow basalts both from high‐temperature depletion in the lower pillows and dikes and from low‐temperature exchange with seawater. The geochemical logs further document that the total chemical exchange between the oceanic crust and seawater is as important to the long‐term composition of the oceans as is the chemical input carried by rivers. Integrated “water/rock ratios” are then derived for the mass of seawater required to add enriched elements and the mass of hydrothermal fluid required to remove depleted elements in the oceanic crust of hole 504B. Whereas Ca, Mg, and K require relatively low water/rock ratios, high values for Si, Al, and Fe suggest that off‐axis, ridge‐flank exchange is as important to the total cation exchange budget as are ridge‐axis processes.