Chevron Achieves First LNG Production at Gorgon – Business Wire (press release)

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SAN RAMON, Calif.–()–Chevron Corporation (NYSE: CVX) today announced it has started producing
liquefied natural gas (LNG) and condensate at the Gorgon Project on
Barrow Island off the northwest coast of Western Australia. The first
LNG cargo is expected to be shipped next week.

“We expect legacy assets such as Gorgon will drive long-term growth and
create shareholder value for decades to come,” said Chairman and CEO
John Watson. “The long-term fundamentals for LNG are attractive,
particularly in the Asia-Pacific region, and this is a significant
milestone for all involved.”

Chevron is positioned to become a major LNG supplier by 2020. In
particular, Chevron’s Australian projects are well located to meet
growing demand for energy in the Asia-Pacific region and more than 80
percent of Chevron’s Australian subsidiaries’ equity LNG from the Gorgon
and Wheatstone projects is covered by sales and purchase agreements and
heads of agreements with customers in the region.

“We congratulate the Gorgon workforce on this achievement,” Watson
continued. “This is the result of the collaboration of hundreds of
suppliers and contractors and many tens of thousands of people across
the world during the project design and construction phases.”

The Gorgon Project is supplied from the Gorgon and Jansz-Io gas fields,
located within the Greater Gorgon area, between 80 miles (130 km) and
136 miles (220 km) off the northwest coast of Western Australia. It
includes a 15.6 MTPA LNG plant on Barrow Island, a carbon dioxide
injection project and a domestic gas plant with the capacity to supply
300 terajoules of gas per day to Western Australia.

The Chevron-operated Gorgon Project is a joint venture between the
Australian subsidiaries of Chevron (47.3 percent), ExxonMobil (25
percent), Shell (25 percent), Osaka Gas (1.25 percent), Tokyo Gas (1
percent) and Chubu Electric Power (0.417 percent).

Chevron Corporation is one of the world’s leading integrated energy
companies. Through its 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 petrochemicals and additives; generates power and
produces geothermal energy; and develops and deploys technologies that
enhance business value in every aspect of the company’s operations.
Chevron is based in San Ramon, Calif. More information about Chevron is
available at www.chevron.com.

NOTICE

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. Words or phrases such as “anticipates,”
“expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,”
“believes,” “seeks,” “schedules,” “estimates,” “may,” “could,” “should,”
“budgets,” “outlook,” “on schedule,” “on track,” 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; the company’s
ability to realize anticipated cost savings and expenditure reductions;
actions of competitors; the results of operations and financial
condition of the company’s suppliers, vendors, partners and equity
affiliates, particularly during times of low prices for oil and natural
gas; 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, net production
or manufacturing facilities or delivery/transportation networks due to
war, accidents, political events, civil unrest, severe weather, cyber
threats and terrorist acts; other natural or human causes beyond its
control; changing economic, regulatory and political environment in
Australia; 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; material reductions in corporate liquidity and access
to debt markets; general domestic and international economic and
political conditions; and the company’s ability to identify and mitigate
the risks and hazards inherent in operating in the global energy
industry. 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.

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