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Press release from Business Wire

Chevron Awarded Deepwater Interest Offshore Sierra Leone

<p class='bwalignc'> <i>Concessions on trend with emerging basins in West Africa</i> </p>

Wednesday, September 26, 2012

Chevron Awarded Deepwater Interest Offshore Sierra Leone09:00 EDT Wednesday, September 26, 2012 SAN RAMON, Calif. (Business Wire) -- Chevron Corporation (NYSE:CVX) announced its subsidiary Chevron (SL) Ltd. has been awarded participation in two deepwater blocks located offshore Sierra Leone. “We are very pleased to have the opportunity to participate in the Republic of Sierra Leone's deepwater exploration efforts," said Chevron Vice Chairman George Kirkland. “We have a strong presence in the region, and this new play will capitalize on our global deepwater experience and exploration capabilities.” The two blocks, SL-08A and SL-08B, have been combined into one concession and are located between 75 and 110 miles (120 and 180 km) southwest of the capital of Freetown and cover a combined area of about 2,100 square miles (5,500 sq. km). The new blocks have average water depths ranging approximately 4,900 to 9,800 feet (1,500 to 3,000 m). “We have a strong regional interest in the geology, and we look forward to applying our technical expertise to this emerging trend,” said Ali Moshiri, president, Chevron Africa and Latin America Exploration and Production. Under the award, Chevron (SL) Ltd. will be operator with a 55 percent interest, along with Noble Energy, Inc. (30 percent) and Odye (SL) Ltd. (15 percent). This is before a Sierra Leone National Oil Company optional back-in of 15 percent at final investment decision. 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 West Africa. 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 andchanges 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 CorporationJim Craig, +1 646-416-0191jgzh@chevron.com