chevron to boost production at st. malo field in the gulf of mexico

Brownfield Development Demonstrates Capital Efficiency

SAN RAMON, Calif. – Sept. 19, 2019 – Chevron Corporation (NYSE:CVX) today announced the sanction of a waterflood project in the St. Malo field. This application of enabling technology is expected to increase recovery and advance Chevron’s strategy of maximizing the company’s existing resources in the Gulf of Mexico.

“The St. Malo field is a world-class asset that is positioned for highly economic brownfield development,” said Steve Green, President of Chevron North America Exploration and Production. “With our leading technology, experienced workforce and broad portfolio, we're delivering value in the Gulf of Mexico.”

The waterflood project is Chevron’s first in the deepwater Wilcox trend and is expected to contribute an estimated ultimate recovery of more than 175 million barrels of oil equivalent. It will include two new production wells, three new injector wells and topsides injection equipment to the Jack/St. Malo floating production unit, allowing us to extend the life of the field.

Located approximately 280 miles south of New Orleans, La., the St. Malo field has an estimated remaining production life of 30 years.

Chevron, through its subsidiaries, Chevron U.S.A. Inc. and Union Oil Company of California, holds a 51 percent working interest in the St. Malo field, with co-owners MP Gulf of Mexico, LLC (25%) (owned by Murphy Oil Corporation 80% and Petrobras America Inc. 20%), Equinor Gulf of Mexico LLC (21.5%), Exxon Mobil Corporation (1.25%) and Eni Petroleum US LLC (1.25%).

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 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.

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CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 NOTICE

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