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Chevron Establishes Recoverable Resource in the Duvernay Shale Play

Liquids-Rich Formation Adds to Expanding Canadian Portfolio

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today announced the successful conclusion of the initial exploration phase by its Canadian subsidiary, Chevron Canada Limited, in the Kaybob area of the Duvernay play, located in west-central Alberta, Canada.

“This discovery creates a foundation for future growth in Canada.”

Chevron Canada Limited successfully concluded the initial twelve well exploration drilling program in the liquids-rich portion of the Duvernay shale play. Five wells have been completed and are tied into production facilities, and an additional four wells are waiting on completion and tie-in. The company’s acreage is well positioned in the condensate-rich and volatile-oil portion of the play. Liquids yield for the completed wells range from 30 to 70 percent with initial production rates up to 7.5 million cubic feet of natural gas per day and 1,300 barrels of condensate per day.

“Early results of our Duvernay exploration program are encouraging,” said George Kirkland, vice chairman of Chevron Corporation. “This discovery creates a foundation for future growth in Canada.”

“Well performance and condensate yields exceeded our expectation and strengthen our plans going forward. Near term plans include transitioning to a two-rig drilling program to optimize well and completion design, and full field spacing requirements,” said Jeff Shellebarger, president of Chevron North America Exploration and Production Company.

With the acquisition of Alta Energy Luxembourg S.à.r.l. and affiliates’ acreage announced earlier this year, Chevron now has approximately 325,000 net acres in the Kaybob area of the Duvernay play.

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 STATEMENTS 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 Canada. Words such as "anticipates," "expects," "intends," "plans," "targets," "forecasts," "projects," "believes," "seeks," "schedules," "estimates," "budgets," "outlook" 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.

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Chevron Corporation
Kent Robertson, 925-790-3819, San Ramon

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NYSE:CVX

ISIN: US1667641005