Chevron Announces Oil Discovery in Deepwater U.S. Gulf of Mexico

Buckskin prospect in lower tertiary is similar to company’s Jack discovery

SAN RAMON, Calif. - Chevron Corporation (NYSE: CVX) today announced a new deepwater oil discovery at the Buckskin prospect located in the deepwater U.S. Gulf of Mexico. The block is approximately 190 miles southeast of Houston, Texas, and 44 miles west of Chevron’s 2004 Jack discovery, which is also in the lower tertiary.

The Buckskin No. 1 discovery well encountered more than 300 feet of net pay. The well is located in approximately 6,920 feet of water and was drilled to a depth of 29,404 feet.

More tests are being conducted on data gathered from the discovery well, and additional work at the prospect, located in Keathley Canyon Block 872, will be needed to determine the extent and commercial viability of the discovery.

George Kirkland, Chevron executive vice president, Global Upstream and Gas, said, “This is a very significant discovery in the lower tertiary trend, where Chevron is the largest leaseholder. Continuing our success at the Jack well, Buckskin reinforces the trend’s potential to provide the U.S. with important new energy supplies.”

Repsol, with a 12.5 percent working interest in the prospect, was the operator of the Buckskin discovery well. Chevron, with a 55 percent working interest, will become operator and conduct all future work. Other Buckskin co-owners are Maersk Oil America, with 20 percent, and Samson Offshore Company, with a 12.5 percent working interest.

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 the U.S. Gulf of Mexico. 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; results of additional testing; timely development of the field; the potential disruption or interruption of testing and development activities due to accidents, political events, civil unrest, or severe weather; government-mandated 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.