Chevron Announces Gas Find In Greater Gorgon Area Offshore Western Australia

Chevron Corporation (NYSE: CVX) today announced a natural gas discovery by its Australian subsidiary in the Greater Gorgon Area of the Carnarvon Basin, offshore Western Australia.

The Pontus-1 exploration well encountered approximately 97 feet (30 metres) of net gas pay. The well is located in the WA-37-L permit area in the Greater Gorgon Area gas fields, approximately 40 miles (65 kilometres) northwest of Barrow Island. The well was drilled in 690 feet (210 metres) of water to a total depth of 16,581 feet (5,054 metres).

George Kirkland, vice chairman, Chevron Corporation, said, “The Pontus-1 discovery again highlights Chevron’s exploration success as we continue building a significant natural gas position in Western Australia to supply Australia and the Asia-Pacific region.”

Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, “This discovery represents our fourteenth discovery offshore north-western Australia since 2009 and will support potential future expansion opportunities for the Gorgon Project.”

Chevron Australia is the operator of WA-37-L and holds a 47.3% interest in the permit. Exxon Mobil and Shell Development Australia both hold 25%, Osaka Gas holds 1.25%, Tokyo Gas holds 1% and Chubu Electric Power holds approximately 0.42%.

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 biofuels. 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," “forecasts,” "projects," "believes," "seeks," “schedules,” "estimates," "budgets," “outlook” 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 important factors that could cause actual results to differ materially from those in the forward-looking statements are changes in prices of, demand for and supply of crude oil and natural gas; actions of competitors; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; 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 the company’s net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations, industry-specific taxes and changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; and general economic and political conditions. The reader 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.

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