Chevron Announces Natural Gas Discoveries Offshore Western Australia

Chevron Corp. (NYSE: CVX) today announced further drilling success by
its Australian subsidiary in the Carnarvon Basin offshore Western
Australia, Australia′s premier hydrocarbon basin.

The Acme West-1 well encountered approximately 377 ft (115 m) of net gas
pay, while Acme West-2 well encountered 184 ft (56 m) of net gas pay.
The two wells, located in the WA-205-P permit area, add additional
resources adjacent to last year′s Acme discovery.

The Acme West-1 and Acme West-2 exploration discovery wells are
approximately 93 miles (150 km) from Onslow, and were drilled in 3,035
ft (925 m) of water. Acme West -1 was drilled to a total depth of 15,558
ft (4,742 m) and Acme West 2 was drilled to 14,590 ft (4,447 m).

George Kirkland, vice chairman, Chevron Corporation, said, 'This is our
11th exploration discovery in a 24-month period. Our exploration success
and ability to continually add to our Australian portfolio supports our
long-term plan to position Chevron as one of the world′s leading LNG
suppliers.?

'The discoveries are expected to help underpin potential expansion
opportunities at the Wheatstone liquefied natural gas (LNG) hub, which
moved to the construction phase in September 2011.

Melody Meyer, president, Chevron Asia Pacific Exploration and Production
Company, said, 'We are realizing the benefits of our investment in an
extensive drilling campaign and the opportunities we have as a leading
lease holder in the Carnarvon Basin.

'The discoveries underscore the quality of the company′s drilling
program, and commitment to technical excellence and safe operations.?

Chevron Australia is the operator of the WA-205-P permit and holds a
combined 67 percent interest, while Shell Development (Australia) holds
the remaining interest.

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 Corp.

Gareth Johnstone, +65 9728 8375 (Singapore)