Chevron Establishes Recoverable Resource in the Duvernay Shale Play

  Chevron Establishes Recoverable Resource in the Duvernay Shale Play

         Liquids-Rich Formation Adds to Expanding Canadian Portfolio

Business Wire

SAN RAMON, Calif. -- October 25, 2013

Chevron Corporation (NYSE: CVX) today announced the successful conclusion of
the initial exploration phase by its Canadian subsidiary, Chevron Canada
Limited, in the Kaybob area of the Duvernay play, located in west-central
Alberta, Canada.

Chevron Canada Limited successfully concluded the initial twelve well
exploration drilling program in the liquids-rich portion of the Duvernay shale
play. Five wells have been completed and are tied into production facilities,
and an additional four wells are waiting on completion and tie-in. The
company’s acreage is well positioned in the condensate-rich and volatile-oil
portion of the play. Liquids yield for the completed wells range from 30 to 70
percent with initial production rates up to 7.5 million cubic feet of natural
gas per day and 1,300 barrels of condensate per day.

“Early results of our Duvernay exploration program are encouraging,” said
George Kirkland, vice chairman of Chevron Corporation. “This discovery creates
a foundation for future growth in Canada.”

“Well performance and condensate yields exceeded our expectation and
strengthen our plans going forward. Near term plans include transitioning to a
two-rig drilling program to optimize well and completion design, and full
field spacing requirements,” said Jeff Shellebarger, president of Chevron
North America Exploration and Production Company.

With the acquisition of Alta Energy Luxembourg S.à.r.l. and affiliates’
acreage announced earlier this year, Chevron now has approximately 325,000 net
acres in the Kaybob area of the Duvernay play.

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


Some of the items discussed in this press release are forward-looking
statements about Chevron's activities in Canada. 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.

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Chevron Corporation
Kent Robertson, 925-790-3819, San Ramon
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