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SAN RAMON, Calif., May 9, 2011 – Chevron Corporation (NYSE: CVX) today announced that its Australian subsidiary has signed a Sales and Purchase Agreement (SPA) with JX Nippon Oil and Energy Corporation for a portion of Chevron's offtake of liquefied natural gas (LNG) from the Gorgon Project.

Under the binding agreement, JX Nippon Oil and Energy will receive 0.3 million tons per annum (MTPA) of LNG from the Gorgon Project for 15 years.

John Gass, president, Chevron Gas and Midstream, welcomed JX Nippon Oil and Energy Corporation as a customer of the Gorgon Project.  "We are pleased to have JX Nippon Oil and Energy as a customer of the Gorgon Project.  Chevron has a long-standing relationship with JX Nippon Oil and Energy, and we look forward to continuing to grow our relationship." 

Roy Krzywosinski, managing director, Chevron Australia, said, "The agreement is another step towards commercializing our equity natural gas in Australia, further demonstrating Chevron's leading ability to meet long-term demand growth in Asia-Pacific. Construction of the Gorgon Project is progressing well with first gas expected in 2014."

Chevron is the operator of the Gorgon Project and holds an approximate 47 percent interest.

The initial Gorgon Project development, situated in northwestern Australia, will include a three-train, 15 MTPA LNG facility and a domestic gas plant.

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.

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.


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