Chevron Announces Further Natural Gas Discovery Offshore Australia

Chevron Corp. (NYSE: CVX) today announced a natural gas discovery by its
Australian subsidiary in the Exmouth Plateau area of the Carnarvon
Basin, offshore Western Australia.

The Satyr-3 well encountered ?approximately 243 feet (74 meters) of net
gas pay. The well is located 113 miles (182 kilometers) north of Exmouth
in the WA-374-P permit area, and wasdrilled ?in 3,688 feet
(1,124 meters) of water to a depth of 13,369 feet (4,075 meters).

George Kirkland, vice chairman, Chevron Corporation, said, 'Satyr-3
represents our thirteenth offshore discovery in Australia since
mid-2009. This recent discovery reinforces the quality and value of our
Australian exploration lease holdings in the Carnarvon Basin.?

Melody Meyer, president, Chevron Asia Pacific Exploration and Production
Company, said, 'The Satyr-3 discovery adds to our Australian resource
base, further supporting our long-term plans to position Chevron as one
of the world's leading LNG suppliers.?

Chevron′s Australian subsidiary is the operator of the WA-374-P permit
area and holds a 50 percent interest, with Exxon Mobil and Shell each
holding 25 percent.

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 Australia. Words such as
'anticipates,' 'expects,' 'intends,' 'plans,' 'targets,' 'projects,'
'believes,' 'seeks,' 'schedules,? 'estimates,' 'budgets' 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.

Chevron Corporation, Singapore

Gareth Johnstone, +65 9728 8375