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Chevron Announces Plans to Market Cook Inlet Assets


Anchorage, AK - October 12, 2010 - Chevron today announced that it plans to market its Cook Inlet oil and gas assets. The potential sale will include all Cook Inlet assets owned by Union Oil Company of California and Chevron U.S.A. Inc. The producing properties will be offered as a single package. The company expects marketing efforts to begin in the near future.

Chevron was one of the original explorers and developers of the Cook Inlet oil and gas fields and currently has a workforce of approximately 450 employees and contractors in Alaska.

"We are proud of our legacy and the dedicated and talented workforce that has developed and operated these assets safely and responsibly for many years. We will continue to focus on safe and reliable operations as we pursue the opportunity for another company to acquire these assets and further develop their potential," said John Zager, General Manager for Chevron in Alaska.

Zager added: "We believe that finding a company that views the Cook Inlet as a vital, core asset will benefit the employees, the community and the state in the long run."

The assets Chevron intends to divest include interests in the Granite Point, Middle Ground Shoals, Trading Bay and MacArthur River Fields; interests in 10 offshore platforms; interests in onshore gas fields including the Ninilchik Unit and the Beluga River Unit; and two gas storage facilities. Current net production from the assets is approximately 4,000 barrels of oil per day and 90 million cubic feet of natural gas per day.

Concurrent with the Cook Inlet producing property divestitures, Chevron also will include the divestiture of its interests in the Cook Inlet Pipe Line Company (CIPL) and the Kenai Kachemak Pipeline, LLC (KKPL).

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 Alaska. 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 length of time required to complete the sale; successfully securing the necessary regulatory approvals; 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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