Chevron Confirms First Cargo from Angola LNG

  Chevron Confirms First Cargo from Angola LNG

  First LNG project in Angola and one of the largest projects on the African
  continent demonstrates further commercialization of Chevron’s natural gas
                                  resources

Business Wire

SAN RAMON, Calif. -- June 16, 2013

Chevron Corporation’s (NYSE: CVX)  subsidiary Cabinda Gulf Oil Company Limited
today confirmed that initial production of liquefied natural gas (LNG) has
commenced at the Angola LNG project. Angola LNG is one of the largest energy
projects on the African continent.

“First gas at Angola LNG is an important milestone in support of our strategic
plan to grow our production,” said George Kirkland, vice chairman of Chevron
Corporation. “This project will commercialize natural gas resources in western
Africa to meet growing demand in the region and internationally.”

The $10 billion project will collect and transport natural gas from offshore
Angola to an onshore liquefaction plant on the coast near the Congo River. The
project has the capacity to produce 5.2 million metric tons per year of LNG,
63,000 barrels per day of natural gas liquids for export and 125 million cubic
feet per day of natural gas for domestic consumption.

“The project represents the first LNG project in Angola, and it is expected to
contribute to the development of Angola’s natural gas industry,” said Ali
Moshiri, president of Chevron Africa and Latin America Exploration and
Production Company.

Angola LNG plans to use associated natural gas produced from existing crude
oil operations operated by Chevron and other partners as well as new
non-associated gas from other offshore fields. The project is expected to
reduce natural gas flaring and greenhouse gas emissions from offshore
producing areas, and support continued offshore oil field development.

Chevron’s subsidiary, Cabinda Gulf Oil Company Limited, has a 36.4 percent
interest in the joint-venture, along with Sonangol with a 22.8 percent
interest and subsidiaries of Total, BP and ENI, each with a 13.6 percent
interest.

Chevron is one of the world’s leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company’s success is driven
by the ingenuity and commitment of its employees and their application of the
most innovative technologies in the world. Chevron is involved in virtually
every facet of the energy industry. The company explores for, produces and
transports crude oil and natural gas; refines, markets and distributes
transportation fuels and other energy products; 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 Angola. 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 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.

Contact:

Chevron Corporation
Kurt Glaubitz, +1-925-790-6928
Kurt.Glaubitz@Chevron.com,
or
Jim Craig, +1-832-794-1630
JGZH@Chevron.com