Chevron Announces Oil Discovery in Deepwater U.S. Gulf of Mexico

  Chevron Announces Oil Discovery in Deepwater U.S. Gulf of Mexico

  Coronado prospect adds to Chevron’s deepwater portfolio in prolific Lower
                                Tertiary Trend

Business Wire

SAN RAMON, Calif. -- March 25, 2013

Chevron Corporation (NYSE: CVX) has announced an oil discovery at the Coronado
prospect in the deepwater U.S. Gulf of Mexico.

The Walker Ridge Block 98 Well No. 1 encountered more than 400 feet (122 m) of
net pay. The well is located approximately 190 miles (308 km) off the
Louisiana coast in 6,127 feet (1,868 m) of water and was drilled to a depth of
31,866 feet (9,713 m).

“The Coronado discovery demonstrates how Chevron is achieving its strategy of
superior exploration performance,” said George Kirkland, vice chairman,
Chevron Corporation. “The discovery adds to our global portfolio of
high-quality opportunities for future growth.”

“The Coronado discovery continues our string of exploration successes in the
Lower Tertiary Trend, where Chevron is advancing multiple projects,” said Gary
Luquette, president, Chevron North America Exploration and Production Company.
“It also highlights the importance of the deepwater Gulf of Mexico as a source
of domestic energy for the United States.”

The well results are still being evaluated, and additional work is needed to
determine the extent of the resource. Chevron, with a 40 percent working
interest in the prospect, is the operator of the Coronado discovery well.
Other owners are ConocoPhillips (NYSE: COP) with 35 percent, a subsidiary of
Anadarko Petroleum Corporation (NYSE: APC) with 15 percent and Venari Offshore
LLC with 10 percent.

Chevron is one of the largest leaseholders in the Gulf of Mexico and is
currently constructing the Jack/St. Malo and Big Foot projects, which are
scheduled to begin production in 2014. The company is also conducting
appraisal activities at its previously announced Buckskin and Moccasin
discoveries, also in the Lower Tertiary Trend.

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.

This news release contains forward-looking statements about Chevron's
activities in the U.S. Gulf of Mexico. Words such as "anticipates," "expects,"
"intends," "plans," "targets," "projects," "believes," "seeks," "schedules,"
"estimates," "budgets" 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 factors that could cause actual results to differ
materially 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 production and development activities
due to war, accidents, political events, civil unrest, or severe weather;
government-mandated sales, divestitures, recapitalizations and changes in
fiscal terms or restrictions on scope of company operations; and general
economic and political conditions. You 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.

Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20130325005258/en/

Multimedia
Available:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50596445&lang=en

Contact:

Chevron Corporation
Russell Johnson, +1 713-372-1841
 
Press spacebar to pause and continue. Press esc to stop.