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Press release from Business Wire

Chevron Announces Natural Gas Discovery Offshore Australia

<p class='bwalignc'> <i>Satyr-2 in Greater Gorgon Area marks 15</i><sup><i>th</i></sup><i> discovery in Australia since mid-2009</i> </p>

Wednesday, September 19, 2012

Chevron Announces Natural Gas Discovery Offshore Australia09:00 EDT Wednesday, September 19, 2012 SAN RAMON, Calif. (Business Wire) -- Chevron Corporation (NYSE: CVX) announced further drilling success by its Australian subsidiary in the Greater Gorgon Area, located in the Carnarvon Basin, a premier hydrocarbon basin. The Satyr-2 exploration discovery well confirmed approximately 128 feet (39 meters) of net gas pay. The well is located in the WA-374-P permit area approximately 75 miles (120 kilometers) northwest of Barrow Island off the Western Australian coast. The well was drilled in 3,570 feet (1,088 meters) of water to a total depth of 12,454 feet (3,796 meters). Satyr-2 is Chevron's fifteenth discovery in Australia since mid-2009. George Kirkland, vice chairman, Chevron Corporation, said, “This new discovery in the Greater Gorgon Area further highlights the quality of Chevron's exploration capability in the region and the significance of Australia to Chevron's energy portfolio.” Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, “The continued exploration success in the Carnarvon Basin could help underpin expansion opportunities at our LNG projects in Australia and support our drive to become a leading supplier of liquefied natural gas to world markets and domestic gas to Western Australia.” Chevron Australia is the operator of WA-374-P with a 50 percent interest while Shell and Exxon Mobil each hold 25 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 “could”, "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. Chevron CorporationAlex Yelland, Singapore, +65 9720 2560