Chevron Announces Natural Gas Find in Australia

Deepwater Discovery Supports Company’s Long-Term Growth Plans for Gorgon

SAN RAMON, Calif., - Chevron Corporation (NYSE: CVX), through its subsidiary Chevron Australia Pty Ltd, today announced an additional natural gas discovery in the Carnarvon Basin offshore Western Australia. The discovery is located in Australia’s premier hydrocarbon basin, where Chevron is the leading leaseholder.

The exploration well, Satyr-1, located 100 miles (160 kilometers) offshore in the Greater Gorgon Area in 3,510 feet (1,070 meters) of water, was drilled to a total depth of 14,960 feet (4,560 meters). The well discovered 425 feet (130 meters) of net gas pay.

“Our offshore drilling campaign in northwestern Australia continues to deliver results and is expected to provide additional natural gas supplies to underpin the Chevron-operated Gorgon natural gas project,” said George Kirkland, executive vice president, Global Upstream and Gas, Chevron Corporation.

“The success of Satyr-1, following closely on the Achilles-1 discovery, highlights the quality of Chevron’s exploration capability in the region and the significance of Australia to Chevron’s energy portfolio,” said Jim Blackwell, president, Chevron Asia Pacific Exploration and Production.

Satyr-1 is located in the WA-374-P permit area. Chevron Australia is the operator with a 50 percent interest. Shell Development (Australia) Pty Ltd and Mobil Australia Resources Company each hold a 25 percent interest.

The initial Gorgon Project development, in northwestern Australia, will include a three-train, 15 million-metric-tons-per-year liquefied natural gas facility and a domestic gas plant.

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; 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.