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Chevron Announces Natural Gas Discovery Offshore Western Australia

Vos-1 discovery adds to drilling success and further underpins development of world-class LNG business

SAN RAMON, Calif., December 15, 2011 - Chevron Corp. (NYSE: CVX) today announced a natural gas discovery by its Australian subsidiary in the Exmouth Plateau area of the Carnarvon Basin, offshore Western Australia.

The Vos-1 well encountered approximately 453 feet (138 meters) of net gas pay. Located in the WA-439-P permit area approximately 186 miles (300 kilometers) from Exmouth on the Western Australian coast, the well was drilled in 4869 feet (1484 meters) of water to a depth of 12,461 feet (3798 meters).

George Kirkland, vice chairman, Chevron Corporation, said, "The find at Vos-1 represents our twelfth offshore discovery in Australia since mid-2009. Our successful drilling program offshore Western Australia demonstrates Chevron's global exploration capability." 

Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, "Our on-going exploration success continues to add to our Australian resource base, further underpinning our drive to be a leading supplier of liquefied natural gas to world markets and natural gas to Western Australia."

Chevron's Australian subsidiary is the operator of WA-439-P and holds a 50 percent interest, with Shell Development (Australia) Pty Ltd holding the remaining 50 percent.

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," "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. 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; 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 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.

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