Satyr-4 Discovery Supports Company's Long-Term Growth Plans for Gorgon

SAN RAMON, Calif.--(BUSINESS WIRE)--Oct. 25, 2012-- Chevron Corporation (NYSE: CVX) today announced further drilling success by its Australian subsidiary in the Greater Gorgon Area, located in the Carnarvon Basin, a premier hydrocarbon basin.

The Satyr-4 exploration discovery well confirmed approximately 220 feet (67 meters) of net gas pay. The well is located in the WA-374-P ¹ permit area approximately 75 miles (120 kilometers) northwest of Barrow Island, off the Western Australian coast. The well was drilled in 3,570 feet (1,088 meters) of water to a total depth of 15,023 feet (4,579 meters).

"This latest discovery is a further demonstration of how we are achieving superior success from a focused and high-impact exploration program in a key hydrocarbon basin,” said George Kirkland, vice chairman, Chevron Corporation.

Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, “Satyr-4 further underscores Chevron’s continuing success in this prolific block and supports our long-term growth plan for the Gorgon Project, and our goal to be a leading LNG supplier to the Asia Pacific region.”

Chevron Australia is the operator of WA-374-P with a 50 percent interest while Shell Development (Australia) Pty Ltd and Mobil Australia Resources Company Pty Limited each hold 25 percent.

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 .

Notes to Editor:

^1: Chevron has made the previous natural gas discoveries in WA-374-P:

Satyr-1: Click Here

Satyr-2: Click Here

Satyr-3: Click Here

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," “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 important factors that could cause actual results to differ materially from those in the forward-looking statements 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 the company’s net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations, industry-specific taxes and changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; and general economic and political conditions. 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.

Source: Chevron Corporation

for Chevron Corporation
Alex Yelland, Singapore, +65 9720 2560