Chevron Agrees to Acquire Delaware Basin Acreage

Chevron Corporation (NYSE: CVX) announced that its subsidiary, Chevron
U.S.A. Inc., has agreed to acquire 246,000 net leasehold acres in the
Delaware Basin in New Mexico, a part of the Permian Basin, from
Chesapeake Energy Corporation (NYSE: CHK). Terms of the agreement were
not disclosed.

'This acquisition in a premier emerging play in the Permian Basin grows
our significant leasehold position there,? said George Kirkland, vice
chairman, Chevron Corporation. 'These early-in-life, liquids-rich
unconventional assets have the potential to be significant future
contributors to Chevron′s robust North American operations.?

'This investment gives us significant exposure to stacked Delaware Basin
plays where we already enjoy a substantial position,? said Gary
Luquette, president of Chevron North America Exploration and Production
Company. 'It complements our existing Permian Basin operations and
provides us access to additional people and resources to execute our
growth strategy there.?

Chevron already holds approximately 700,000 net acres in the Delaware
Basin, which contains several oil and wet gas plays stacked together
within several thousand feet of hydrocarbon-bearing rock. The plays
include the Avalon Shale and the Bone Spring Sands.

The acreage included in the agreement has current net production of
7,000 barrels of oil equivalent per day, with the potential to increase
substantially over the next few years. The acquired acreage will become
part of Chevron′s operated and non-operated existing Delaware Basin
activities.

The transaction is subject to some third-party preferential rights and
is expected to close within the next 30 days, pending customary
regulatory approvals.

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.

Cautionary Statement Relevant to Forward-Looking Information for the
Purpose of 'Safe Harbor? Provisions of the Private Securities Litigation
Reform Act of 1995.

Except for the historical and factual information contained herein,
the matters set forth in this press release, including statements as to
the expected benefits of the acquisition such as synergies, competitive
cost structure, growth potential, market profile and financial strength,
and the competitive capabilities of the combined operations, and other
statements identified by words such as 'estimates,? 'expects,?
'projects,? plans,? 'adds,? and similar expressions are forward-looking
statements within the meaning of the 'safe harbor' provisions of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that may cause actual
results to differ materially, including the possibility that the
anticipated benefits from the acquisition cannot be fully realized, the
possibility that costs or difficulties related to the integration of
these operations into Chevron will be greater than expected, the impact
of competition and other risk factors relating to our industry as
detailed from time to time in Chevron's reports filed with the SEC. 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

Russell Johnson, +1 713-372-1841