Chevron Acquires Deepwater Exploration Lease

SAN RAMON, Calif. - Chevron Corporation (NYSE:CVX) announced today that its Turkish subsidiary has signed a Joint Operation Agreement with Turkey’s state oil company for an exploration license in the Black Sea.

“This agreement represents a significant exploration entry into a highly prospective new basin,” said George Kirkland, vice chairman, Chevron Corporation. “We look forward to bringing our technological expertise, global deepwater experience and critical focus on safety to this joint venture exploration program.”

Chevron will acquire a 50 percent interest in a western portion of License 3921, an 8,700 square mile (22,505 square km) block located 220 miles (350 km) northwest of the capital city of Ankara. Türkiye Petrolleri Anonim Ortaklığı (TPAO) holds the remaining 50 percent interest in the license and will be the operator of the initial exploratory well currently being drilled. If the initial well is successful, 3D seismic will be acquired and an additional exploratory well will be drilled by TPAO during 2012.

Chevron would become operator during any future development of the project.

“Chevron is pleased to have been selected as a partner for this exploration opportunity in Turkey,” said Guy Hollingsworth, President of Chevron Europe, Eurasia, Middle East Exploration and Production. “We’re looking forward to expanding our partnership with TPAO and the Turkish Government and helping to develop the country’s offshore resources.”

Chevron’s interests in Turkey include marine transportation and pipeline operations.

Chevron 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 its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company 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. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

TPAO, Turkey’s sole national oil company founded in 1954, has pioneered efforts in all branches of petroleum industry in Turkey. In addition to intensifying activity and success in onshore Turkey, TPAO has increasingly become active in offshore and international arena.

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 Turkey. Words such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “projects,” “believes,” “seeks,” “schedules,” “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; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude-oil and natural-gas development projects; potential delays in the development, construction or start-up of planned projects; 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.