Chevron Gives Wheatstone Project Green Light

Chevron Corporation (NYSE: CVX) today announced that its Australian
subsidiary will proceed with the construction of its Wheatstone Project
in Western Australia.

John Watson, chairman and chief executive officer, Chevron Corporation,
said, 'The Wheatstone Project is a legacy, value-creating investment
that will provide Chevron with significant reserves and production
growth.?

Watson added, 'This project, along with Gorgon LNG, is well-positioned
to provide a large, secure energy supply to meet growing demand in the
Asia-Pacific region, and to place Chevron as one of the world′s leading
LNG suppliers.?

The foundation phase of the Wheatstone Project is estimated to cost
US$29 billion (AU$29 billion) and consists of two LNG processing trains
with a combined capacity of 8.9 million tons per annum (MTPA), a
domestic gas plant and associated offshore infrastructure including the
processing platform, subsea equipment, drilling and an export trunkline.¹
First gas is planned for 2016.

The Wheatstone Project was granted final federal government approval for
a 25 MTPA LNG development, paving the way for future expansion
opportunities. The signing ceremony was attended by Western Australian
State Premier the Hon. Colin Barnett, MLA and Australian Minister for
Resources and Energy the Hon. Martin Ferguson AM, MP.

George Kirkland, vice chairman, Chevron Corporation, said, 'Wheatstone
will be a strong pillar of the Australian economy for decades. We have
achieved this important milestone with the close support and cooperation
of the Australian federal, state and local governments along with the
local community, our partners and customers.?

The Wheatstone onshore foundation project, located at Ashburton North,
7.5 miles (12 kilometers) west of Onslow on the Pilbara Coast, is a
joint venture between the Australian subsidiaries of Chevron (operator
73.6%)², Apache (13%), Kuwait Foreign Petroleum Exploration
Company (KUFPEC 7%) and Shell (6.4%).

The foundation project will be fed with natural gas from the Wheatstone
and Iago fields, which are operated by an Australian subsidiary of
Chevron in a joint venture with Shell and represents 80 percent of the
plant′s foundation capacity.

The unique Wheatstone hub concept was developed to provide foundation
infrastructure for the commercialization of Chevron′s vast natural gas
resources as well as a destination for third-party gas. Under the hub
concept, Apache and KUFPEC will provide the remaining 20 percent of the
natural gas from their Julimar and Brunello fields. Development of the
two third-party fields is not included in the estimated project cost.

About 60 percent of Chevron′s equity LNG off-take is presently covered
under binding long-term agreements.Discussions are
continuing with potential customers to increase long term off-take to
more than 80 percent and to sell down equity.

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.

Notes to Editor:

1. A fly-through video of the Wheatstone Project can be viewedhere

2. Once relevant approvals have been obtained, Kyushu Electric will join
the project taking 1.83 percent equity interest in the upstream and 1.46
percent in the downstream, as stated in Chevron′s press release dated
September 16, 2011. Chevron′s net estimated investment, after the Kyushu
Electric and follow-on sell downs, is in the range of US$16?22 billion.
Additional equity sell-downs are anticipated.

CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR
THE PURPOSE OF 'SAFE HARBOR? PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995

This press release of Chevron Corporation contains forward-looking
statements relating to Chevron′s operations in Australia that are based
on management′s current expectations, estimates and projections about
the petroleum, chemicals, and other energy-related industries. Words
such as 'anticipates,? 'expects,? 'intends,? 'plans,? 'targets,?
'projects,? 'believes,? 'seeks,? 'schedules,? 'estimates,? 'budgets,?
'will supply,? 'will be supplied? and similar expressions are intended
to identify such forward-looking statements. These statements 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. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted in
such forward-looking statements. The reader 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.

Among the important factors that could cause actual results to differ
materially from those in the forward-looking statements are crude-oil
and natural-gas prices; refining, marketing and chemicals margins;
actions of competitors or regulators; the competitiveness of
alternate-energy sources or product substitutes; technological
developments; 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 the company′s operations due
to war, accidents, political events, civil unrest, severe weather or
crude-oil production quotas that might be imposed by the Organization of
Petroleum Exporting Countries (OPEC); the potential liability for
remedial actions or assessments under existing or future environmental
regulations and litigation; significant investment or product changes
under existing or future environmental statutes, regulations and
litigation; the potential liability resulting from pending or future
litigation; the company′s acquisition or disposition of assets;
government-mandated sales, divestitures, recapitalizations,
industry-specific taxes, changes in fiscal terms or restrictions on
scope of company operations; foreign-currency movements compared with
the U.S. ?dollar; the effects of changed accounting rules under generally
accepted accounting principles promulgated by rule-setting bodies; and
the factors set forth under the heading 'Risk Factors? on pages 32
through 34 of the company′s 2010 Annual Report on Form ?10-K. In
addition, such statements could be affected by general domestic and
international economic and political conditions. Unpredictable or
unknown factors not discussed in this press release could also have
material adverse effects on forward-looking statements.

Chevron Corporation

Gareth Johnstone, +65 9728 8375 (Singapore)