Chevron Announces Further Natural Gas Discovery Offshore Australia

Satyr-4 Discovery Supports Company's Long-Term Growth Plans for Gorgon

San Ramon, Calif. - Oct. 25, 2012

Chevron Corporation (NYSE: CVX) today announced further drilling success by its Australian subsidiary in the Greater Gorgon Area, located in the Carnarvon Basin, a premier hydrocarbon basin.

The Satyr-4 exploration discovery well confirmed approximately 220 feet (67 meters) of net gas pay. The well is located in the WA-374-P1 permit area approximately 75 miles (120 kilometers) northwest of Barrow Island, off the Western Australian coast. The well was drilled in 3,570 feet (1,088 meters) of water to a total depth of 15,023 feet (4,579 meters).

"This latest discovery is a further demonstration of how we are achieving superior success from a focused and high-impact exploration program in a key hydrocarbon basin,” said George Kirkland, vice chairman, Chevron Corporation.

Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, “Satyr-4 further underscores Chevron’s continuing success in this prolific block and supports our long-term growth plan for the Gorgon Project, and our goal to be a leading LNG supplier to the Asia Pacific region.”

Chevron Australia is the operator of WA-374-P with a 50 percent interest while Shell Development (Australia) Pty Ltd and Mobil Australia Resources Company Pty Limited each hold 25 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.

Chevron Corporation press release