Chevron Establishes Recoverable Resource in the Duvernay Shale Play

SAN RAMON, Calif. - Chevron Corporation (NYSE: CVX) today announced the successful conclusion of the initial exploration phase by its Canadian subsidiary, Chevron Canada Limited, in the Kaybob area of the Duvernay play, located in west-central Alberta, Canada.

Chevron Canada Limited successfully concluded the initial twelve well exploration drilling program in the liquids-rich portion of the Duvernay shale play. Five wells have been completed and are tied into production facilities, and an additional four wells are waiting on completion and tie-in. The company’s acreage is well positioned in the condensate-rich and volatile-oil portion of the play. Liquids yield for the completed wells range from 30 to 70 percent with initial production rates up to 7.5 million cubic feet of natural gas per day and 1,300 barrels of condensate per day.

“Early results of our Duvernay exploration program are encouraging,” said George Kirkland, vice chairman of Chevron Corporation. “This discovery creates a foundation for future growth in Canada.”

“Well performance and condensate yields exceeded our expectation and strengthen our plans going forward. Near term plans include transitioning to a two-rig drilling program to optimize well and completion design, and full field spacing requirements,” said Jeff Shellebarger, president of Chevron North America Exploration and Production Company.

With the acquisition of Alta Energy Luxembourg S.à.r.l. and affiliates’ acreage announced earlier this year, Chevron now has approximately 325,000 net acres in the Kaybob area of the Duvernay play.

Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; 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.

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