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Press release from Business Wire

Chevron Announces Two Discoveries Offshore Western Australia

<p class='bwalignc'> <i>Pinhoe-1 and Arnhem-1 discoveries expand natural gas resource potential in the Carnarvon Basin</i> </p>

Thursday, December 27, 2012

Chevron Announces Two Discoveries Offshore Western Australia09:00 EST Thursday, December 27, 2012 SAN RAMON, Calif. (Business Wire) -- Chevron Corporation (NYSE: CVX) today announced further drilling success by its Australian subsidiary in the Exmouth Plateau area of the Carnarvon Basin, a premier hydrocarbon basin. The Pinhoe-1 exploration discovery well encountered approximately 197 feet (60 meters) of net gas pay in the Barrow and Mungaroo Sands. Pinhoe-1 is located in the WA-383-P permit area, located approximately 124 miles (200 kilometers) north of Exmouth off the Western Australia coast. The well was drilled in 3,048 feet (929 meters) of water to a total depth of 13,396 feet (4,083 meters). The Arnhem-1 exploration discovery well confirmed approximately 149 feet (45.5 meters) of net gas pay in the upper Mungaroo Sands. Arnhem-1 is in the WA-364-P permit area, located approximately 180 miles (290 kilometres) north of Exmouth off the Western Australia coast. The well was drilled in 3,963 feet (1,208 meters) of water to a total depth of 9,557 feet (2913 meters). “Chevron Australia's ongoing success offshore of Western Australia is a result of our long-term commitment to exploring and developing the region. The Carnarvon Basin is a world-class hydrocarbon basin, and these discoveries underscore the quality of our Australian portfolio and our technical competence,” said George Kirkland, vice chairman, Chevron Corporation. Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said the two discoveries expand Chevron's discovered gas portfolio in Australia. Chevron has now announced a total of 19 discoveries in Australia since mid-2009. “These discoveries in the Exmouth area are significant as they are located farther out from other discoveries in the greater Gorgon and Wheatstone development in the Carnarvon basin and indicates development potential in the broader region,” said Meyer. Chevron Australia is the operator of both the WA-383-P and WA-364-P permit areas and has 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 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 "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 CorporationKurt Glaubitz, +1 925-790-6928