Chevron Sanctions Big Foot Project in the Deepwater Gulf of Mexico

Chevron Corporation (NYSE:CVX) today announced it has sanctioned
development of its $4 billion Big Foot project in the deepwater U.S.
Gulf of Mexico.

'Sanctioning Big Foot underscores our commitment to the Gulf of Mexico
and will contribute to future U.S. energy supply,? said George Kirkland,
vice chairman, Chevron Corporation. 'This project is another example of
Chevron′s disciplined approach to advancing our enviable queue of major
capital projects.?

Big Foot will be Chevron′s sixth operated facility in the deepwater Gulf
of Mexico and located approximately 225 miles (360 km) south of New
Orleans, Louisiana, in water depths of 5,200 feet (1,600 m). The
development will utilize a dry tree Extended Tension Leg Platform with
an on-board drilling rig and have production capacity of 75,000 barrels
of oil and 25 million cubic feet of natural gas per day. First oil is
anticipated in 2014.

'We have industry leading expertise in developing deepwater projects of
this type and have repeatedly proven that we can do so safely,? said
Gary Luquette, president, Chevron North America Exploration and
Production Company.

Discovered in 2006, the Big Foot field lies in the Walker Ridge Area and
is estimated to contain total recoverable resources in excess of 200
million oil-equivalent barrels. Primary pay sands are Middle to Upper
Miocene ranging from 19,000 to 24,000 feet (5,800 to 7,300 m) and lie
below a salt canopy ranging from 8,000 to 15,000 feet (2,400 to 4,500 m)
thick. Three exploration and appraisal wells with multiple sidetracks
have been drilled safely and successfully in the field to define the Big
Foot structure. Chevron, through its subsidiary Chevron U.S.A. Inc., has
a 60 percent working interest in the Big Foot project.

Chevron is one of the top leaseholders in the Gulf of Mexico, averaging
net daily production of 149,000 barrels of crude oil, 484 million cubic
feet of natural gas and 14,000 barrels of natural gas liquids during
2009.

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 bio-fuels.
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 the U.S. Gulf of Mexico. 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, Houston

Scott Walker, +1-713-372-4923 or
+1-281-221-5765

swlk@chevron.com