Chevron Announces Two Discoveries Offshore Western Australia

  Chevron Announces Two Discoveries Offshore Western Australia

Pinhoe-1 and Arnhem-1 discoveries expand natural gas resource potential in the
                               Carnarvon Basin

Business Wire

SAN RAMON, Calif. -- December 27, 2012

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 confirmedapproximately 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 drilledin 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.

Contact:

Chevron Corporation
Kurt Glaubitz, +1 925-790-6928
 
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