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Chevron Announces Further Natural Gas Discovery Offshore Australia

Chevron Corporation (NYSE: CVX) today announced the 20 th discovery off the Western Australian coast since mid-2009 by its Australian subsidiary following further drilling success in the Exmouth Plateau area, located in the prolific Carnarvon Basin, a premier hydrocarbon basin.

The Kentish Knock South-1 exploration discovery well encountered approximately 246 feet (75 meters) of net gas pay in the upper Mungaroo Sands. The well is located in the WA-365-P permit area approximately 173 miles (280 kilometres) north of Exmouth off the Western Australian coast. The well was drilled in 3,832 feet (1,168 meters) of water to a total depth of 10,056 feet (3,065 meters).

“The Asia Pacific region is key to Chevron’s growth strategy and our strong Australia natural gas portfolio continues to be bolstered by our strategic approach to finding and developing resources that will help meet the growing energy needs in the region,” said George Kirkland, vice chairman, Chevron Corporation.

Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, “Kentish Knock South-1 is an important addition to our queue of high-quality offshore natural gas opportunities in Australia and further supports our long-term plans to expand our Australian LNG position.”

Chevron Australia is the operator of WA-365-P with a 50 percent interest while Shell Development (Australia) holds 50 percent.

Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; 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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