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Press release from Business Wire

Chevron Enters Into Agreement with Kosmos Energy to Explore Offshore Suriname

<p class='bwalignc'> <i>Joint Exploration Agreement expands Chevron's presence in a new geological trend</i> </p>

Wednesday, June 20, 2012

Chevron Enters Into Agreement with Kosmos Energy to Explore Offshore Suriname08:00 EDT Wednesday, June 20, 2012 SAN RAMON, Calif. (Business Wire) -- Chevron Corporation (NYSE:CVX) announced that its wholly owned subsidiary Chevron Global Energy Inc. (Chevron) will be assigned a 50 percent working interest in Blocks 42 and 45 offshore Suriname through an agreement with Kosmos Energy. Under the agreement, Kosmos will have a 50 percent working interest and remain operator of both blocks until the end of the exploration phase. Chevron will assume the remaining 50 percent working interest and will be the operator following any commercial discoveries. “This agreement enables us to explore for new resources in this frontier basin,” said George Kirkland, vice chairman, Chevron Corporation. “These blocks are on trend with new deepwater Cretaceous discoveries in the region.” Blocks 42 and 45 are located approximately 155 miles (250 kilometers) from Paramaribo and cover a combined area of approximately 2.8 million gross acres, at water depths ranging between 650 and 8,500 feet (200-2600 meters). “We are very pleased to participate in Suriname's emerging energy sector,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company. “These blocks will expand our exploration portfolio in Latin America.” 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 Suriname. 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. 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. Chevron CorporationKurt Glaubitz, +1-925-790-6928San Ramon