Chevron Announces Two Natural Gas Finds in Australia

Discoveries Build on Chevron’s Leading Position in the Highly Prospective Carnarvon Basin

SAN RAMON, Calif. - Chevron Australia Pty Ltd, a subsidiary of Chevron Corporation (NYSE: CVX), today announced two natural gas discoveries in the Carnarvon Basin offshore Western Australia. The discoveries are located in Australia’s premier hydrocarbon basin, where Chevron is the leading lease holder.

The Clio-2 well, located 90 miles (150 kilometers) off the coast of Western Australia, is situated in 3,200 feet (990 meters) of water and drilled to a total depth of 14,400 feet (4,405 meters). The well discovered 375 feet (115 meters) of net gas pay.

The company also made a discovery with the Kentish Knock-1 well. Drilled in approximately 4,000 feet (1,200 meters) of water to a total depth of approximately 8,300 feet (2,500 meters), the well encountered approximately 110 feet (34 meters) of net gas pay. The discovery at the Kentish Knock prospect is located approximately 185 miles (300 kilometers) from the Western Australian coastline.

“These two gas finds add to Chevron’s significant gas interests in Australia,” said George Kirkland, executive vice president, Global Upstream and Gas, Chevron Corporation. “Our exploration success, combined with our development plans for our Gorgon and Wheatstone projects, underpin our future growth prospects in Australia.”

The Clio-2 well is in the WA-205-P permit area. It is located near the significant Clio-1 discovery made by Chevron in 2006. Chevron Australia is the operator with 66.66 percent interest while Shell Development (Australia) holds the remaining interest.

The Kentish Knock-1 well is located in the WA-365-P permit area in the Exmouth Plateau, the deepwater frontier of the Carnarvon Basin. Chevron Australia also operates permit WA-365-P with a 50 percent interest while Shell Development (Australia) holds the remaining interest.

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 Australia. 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 completion of the development of the fields; 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.