Chevron and Nippon Oil Corporation Sign Gorgon Natural Gas Agreement

Agreement Builds on Series of Recent Agreements for Natural Gas Delivery to Customers in Asia

SAN RAMON, Calif. – Chevron Corporation (NYSE: CVX) today announced that its Australian subsidiaries and Nippon Oil Corporation have signed a Heads of Agreement (HOA) for the delivery of 0.3 million metric tons per year (MTPY) of liquefied natural gas (LNG) for 15 years from the Chevron-operated Gorgon Project in Western Australia.

Jim Blackwell, president, Chevron Asia Pacific Exploration and Production, welcomed the agreement saying it would help underpin the importance of the Gorgon Project to growing LNG markets.

“We are pleased to have Nippon Oil as a customer of the Gorgon Project. The agreement is another step towards commercializing our equity natural gas in Australia.”

John Gass, president, Chevron Global Gas, said “We have a long history of working with Nippon Oil and, with this agreement, are proud to add a new dimension to that relationship.”

Gass added that, “Our agreements with Nippon Oil and other leading Japanese and Korean energy companies demonstrate that Chevron is strongly positioned to meet long-term demand growth in Asia-Pacific.”

Chevron is the operator of the Gorgon Project and holds an approximate 47 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; timely completion of the development of 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.