Chevron Announces Significant Discovery Offshore Angola

Find Demonstrates Chevron’s Ongoing Exploration Success in Prolific Block 0

SAN RAMON, Calif. - Chevron Corporation (NYSE:CVX) announced today that its affiliate, Cabinda Gulf Oil Company Limited (CABGOC) and its partners, had made a successful discovery in Block 0 located adjacent to the Cabinda coastline in Angola.

The 79-3XST1 discovery well, drilled in March 2009 in 397 feet (120 meters) of water to a total vertical depth of 13,000 feet (3965 meters), encountered over 225 feet of net hydrocarbon pay in the Upper Pinda formation. The well was tested from a single 150 ft. perforated interval and flowed at a rate of 11.6 million cubic feet of natural gas and 2,550 barrels of liquid hydrocarbons per day.

“This discovery further demonstrates the success of Chevron’s focused exploration program in growing our resource base. Our strong record of exploration discoveries in West Africa provides Chevron opportunities to successfully move energy resources forward from exploration to development to production,” said George Kirkland, executive vice president, Global Upstream and Gas.

“Chevron is pleased with the discovery, and we look forward to continuing the work needed to further evaluate the find and potential development options,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company.

The discovery extends a trend of undeveloped natural gas condensate and crude oil discoveries in the Greater Vanza Longui Area that are currently undergoing appraisal.

Chevron, through CABGOC, has a 39.2 percent interest and is the operator of the Block 0 contractor group, which also includes SONANGOL E.P. (41 percent), Total E&P (10 percent) and ENI Angola Production B.V. (9.8 percent).

Chevron Corporation is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company’s success is driven by the ingenuity and commitment of approximately 62,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995.

Some of the items discussed in this press release are forward-looking statements about Chevron’s activities in Angola. Words such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “projects,” “believes,” “seeks,” “estimates,” “budgets” and similar expressions are intended to identify such forward-looking statements. The statements are based upon management’s current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company’s control and are difficult to predict. Among the factors that could cause actual results to differ materially are changes in prices of, demand for and supply of crude oil and natural gas; actions of competitors; timely development of the discovery; the potential disruption or interruption of production and development activities due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations and changes in fiscal terms or restrictions on scope of company operations; and general economic and political conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.