press release

Chevron Press Release - Chevron Clarifies Deepwater Gulf of Mexico Production

Link to Fourth Quarter Earnings Release dated Jan. 25, 2000

SAN FRANCISCO, Jan. 28, 2000 -- Chevron Corp. today clarified the production rate for Genesis, a deepwater project in the Gulf of Mexico, which was reported in the corporation's quarterly earnings release issued on Jan. 25.

The 1999 year-end gross oil-equivalent production from Genesis, operated and 57-percent owned by Chevron, was 47,000 barrels per day. The 63,000 barrels per day reported for Genesis on Jan. 25 was the peak production rate for a period during the fourth quarter, not the year-end level.

"The production profile for Genesis fit exactly what our reservoir model predicted. The year-end curtailment was due to planned activities related to commissioning of water handling facilities," said Andrew Hardiman, vice president of Chevron's deepwater Gulf of Mexico business unit. "With the continuation of the development drilling program, gross oil-equivalent production for Genesis is expected to average 60,000 barrels per day in 2000."

The gross oil-equivalent production from the 40 percent-owned Gemini project at year-end was 35,000 barrels per day, as reported in the Jan. 25 earnings release. A third Gulf of Mexico deepwater project, Typhoon, in which Chevron has a 50-percent stake, is expected to begin producing by mid-2001.

Updated: January 2000