Chevron to Acquire Deepwater Interest Offshore Liberia

Entry expands Chevron’s presence in West Africa in a promising new geological trend.

SAN RAMON, Calif.– Chevron Corporation (NYSE:CVX) today announced that it has been granted approval by the Liberian government to acquire a 70 percent interest and operatorship in three deepwater concessions in Liberia.

“We are very pleased to participate in Liberia’s emerging energy sector,“ said Chevron Vice Chairman George Kirkland. ”Entry into this large prospective offshore area allows us to advance our growth strategy for the region"

The deepwater blocks, LB-11, LB-12 and LB-14 are located between 12 to 110 miles (20 to 180 km) south of the capital of Monrovia and cover a combined area of 3,700 square miles (9,600 square km). Under the agreement, Chevron’s Liberian subsidiary will conduct a three-year exploratory program that is expected to begin in the fourth quarter of 2010.

“These licenses are on trend with new deepwater Cretaceous discoveries in the region and will expand our exploration portfolio in offshore West Africa which has delivered significant production from several basins,” said Ali Moshiri, president, Chevron Africa and Latin America Exploration and Production.

In Africa, Chevron participates in exploration and production activities in Angola, Chad, the Democratic Republic of the Congo, Nigeria and the Republic of the Congo. Chevron produced a net average of more than 430,000 barrels of oil equivalent in 2009 in these countries.

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 bio-fuels. 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 operations in West Africa. 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. 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.