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Press release from Business Wire

Chevron and Chubu Electric Sign Wheatstone LNG Agreements

<p class='bwalignc'> <i>Agreements to supply 1 million tons annually from Wheatstone Project for 20 years</i> </p>

Thursday, March 28, 2013

Chevron and Chubu Electric Sign Wheatstone LNG Agreements

12:03 EDT Thursday, March 28, 2013

SAN RAMON, Calif. (Business Wire) -- Chevron Corporation (NYSE: CVX) today announced that its Australian subsidiaries have signed binding long-term Sales and Purchase Agreements (SPAs) with Chubu Electric Power Company Inc. (Chubu) for liquefied natural gas (LNG) from the Wheatstone Project in Western Australia.

Under the agreements Chevron, together with Apache Energy and Kuwait Foreign Petroleum Exploration Company, will supply Chubu with 1 million tons per annum (MTPA) of LNG for up to 20 years.

Joe Geagea, president, Chevron Gas and Midstream, said, “Chubu, one of the world's leading LNG customers, is now a partner and customer of the Chevron-operated Gorgon Project. We are pleased to expand the strong partnership between our two companies with these SPAs for Wheatstone LNG."

Roy Krzywosinski, managing director, Chevron Australia, said, "More than 80 percent of Chevron's equity LNG from Wheatstone is covered under long-term off-take agreements with customers in Asia. The agreements demonstrate that Wheatstone is well-placed geographically to meet the Asia Pacific region's growing demand for a safe, reliable and cleaner-burning source of energy.”

The Chevron-operated Wheatstone Project is located at Ashburton North, 7.5 miles (12 kilometres) west of Onslow in Western Australia. The project will consist of two LNG trains with a combined capacity of 8.9 million tons per annum and a domestic gas plant.

The Wheatstone Project is a joint venture between Australian subsidiaries of Chevron (64.14%), Apache Energy (13%), Kuwait Foreign Petroleum Exploration Company (7%), Shell (6.4%), and Kyushu Electric Power Company (1.46%), together with PE Wheatstone Pty Ltd. (part owned by Tokyo Electric Power Company, 8%).

Chevron also holds an 80.17 percent equity interest in the Wheatstone and Iago fields that provide 80% of the feedgas to the Wheatstone Project. The partners in the fields are Australian subsidiaries of Shell (8%) and Kyushu Electric Power Company (1.83%) together with PE Wheatstone Pty Ltd (part owned by Tokyo Electric Power Company, 10%).

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, many 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 Corporation
Alex Yelland, Singapore, +65 9720 2560
Kurt Glaubitz, San Ramon, +1-925-790-6928

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