press release

Chevron Announces Further Natural Gas Find in Australia

SAN RAMON, Calif., February 9, 2011 - Chevron Corporation (NYSE: CVX) today announced a further drilling success in the Carnarvon Basin offshore Western Australia, Australia's premier hydrocarbon basin.

The Orthrus-2 well is located in the WA-24-R permit area approximately 60 miles (100 kilometers) northwest of Barrow Island.  The well was drilled to a total depth of 14,098 feet (4,297 meters).

Combining both appraisal and exploration objectives, the well encountered 243 feet (74 meters) of net gas pay, of which 102 feet (31 meters) of net gas pay was encountered in a deeper, previously unexplored target interval in the Orthrus field.

George Kirkland, vice chairman, Chevron, said, "The find at Orthrus-2 represents our tenth offshore discovery in Australia within the past 18 months. Our successful drilling program offshore Western Australia demonstrates Chevron's global exploration capability and our commitment to technical excellence and safe operations." 

Jim Blackwell, president, Chevron Asia Pacific Exploration and Production, said, "Our leading Carnarvon Basin leasehold and our accompanying exploration success help underpin further expansion opportunities on the Gorgon Project."

Chevron's Australian subsidiary is the operator of WA-24-R and holds a 50 percent interest, while Mobil Australia Resources Company Pty Limited holds 25 percent. Shell Development (Australia) Pty Ltd and BP Exploration Alpha Ltd each hold a 12.5 percent interest. 

Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; 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.


Updated: February 2011