Chevron Reiterates Statement Regarding Oil Seep at Project in Brazil

• Company affirms that well control operations are successful

• Sea floor seep volume has decreased significantly

• Surface sheen volume estimated to total 400 650 barrels

SAN RAMON, Calif. (BUSINESS WIRE) Nov. 15, 2011 - Chevron Corporation (NYSE: CVX) today reiterated that its efforts to respond to oil seeps and a subsequent sheen in the vicinity of its Chevron- operated Frade project have been successful.

Since receiving approval from the Brazilian National Agency of Petroleum (ANP) late Sunday, Chevron Brazil immediately commenced plugging and abandonment activities on an appraisal well within the Frade field which was suspected to be contributing to oil being expressed through seep lines located on the ocean floor.

Chevron Brazil can currently advise that due to successful well control operations, the amount of oil observed coming from nearby seep lines on the ocean floor has decreased significantly. Chevron Brazil will continue to monitor the situation during the plugging and abandonment process in the coming days, which will culminate in the final cementing of the well.

Chevrons current estimates continue to place the sheen volume around the approximate range previously stated of 400 - 650 barrels (64 - 104 cubic meters). Chevron Brazil is working a fleet of 17 vessels. There are currently up to eight vessels working at the sheen with six vessels working in pairs to contain and recover the oil near the head of the sheen and two boats working on mechanical dispersion toward the tail of the sheen.

In parallel, the company will continue to coordinate and deploy considerable resources to help control the oil sheen which is located about 120 kilometers offshore and moving in a south easterly direction away from the Brazilian coast. The Frade project is located 370 kilometers (230 miles) offshore north east of Rio de Janeiro, Brazil in water depths of approximately 1200 meters (3800 feet).

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 http://www.chevron.com.

Chevron Corporation press release