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Chevron and Tohoku Electric Sign Wheatstone LNG Agreement



  Chevron and Tohoku Electric Sign Wheatstone LNG Agreement

 Agreement to supply 0.9 million tonnes annually from the Wheatstone Project
                              for up to 20 years

Business Wire

SAN RAMON, Calif. -- October 1, 2013

Chevron Corporation (NYSE: CVX) today announced that its Australian
subsidiaries have signed binding long-term Sales and Purchase Agreements
(SPAs) with Tohoku Electric Power Company, Inc. (Tohoku) to supply liquefied
natural gas (LNG) from the Chevron-operated Wheatstone Project in Western
Australia.

Under the agreements, Chevron subsidiaries, together with subsidiaries of
Apache Energy and Kuwait Foreign Petroleum Exploration Company, will supply
Tohoku with 0.9 million tonnes per annum of LNG for up to 20 years.

Joe Geagea, president, Chevron Gas and Midstream, said, “These agreements with
Tohoku create a new partnership between our companies and demonstrate the
benefits of buyers and sellers working together to ensure supply is brought to
the market to meet growing LNG demand.”

Roy Krzywosinski, managing director, Chevron Australia, said, “We welcome the
agreements with Tohoku, which mean that 85 percent of Chevron’s equity LNG
from Wheatstone is now committed to customers in Asia on a long-term basis.
These agreements, combined with our ongoing exploration success, demonstrate
that our Wheatstone and Gorgon projects in Australian are well-placed to meet
the growing demand for natural gas in the Asia-Pacific region.”

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

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

Chevron also holds an 80.17 percent equity interest in the Wheatstone and Iago
fields that provide 80 percent of the feed gas to the Wheatstone Project. The
participants in the fields are PE Wheatstone Pty Ltd. (10 percent) as well as
Australian subsidiaries of Shell (8 percent) and Kyushu Electric Power
Company, Inc. (1.83 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, 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.

Contact:

for Chevron
Alex Yelland, Singapore, +65 9720 2560
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