Chevron Announces Oil Discovery in Deepwater U.S. Gulf of Mexico

Mon Mar 25, 2013 9:00am EDT

* Reuters is not responsible for the content in this press release.

Coronado prospect adds to Chevron`s deepwater portfolio in prolific Lower
Tertiary Trend
SAN RAMON, Calif.--(Business Wire)--
Chevron Corporation (NYSE: CVX) has announced an oil discovery at the Coronado
prospect in the deepwater U.S. Gulf of Mexico. 

The Walker Ridge Block 98 Well No. 1 encountered more than 400 feet (122 m) of
net pay. The well is located approximately 190 miles (308 km) off the Louisiana
coast in 6,127 feet (1,868 m) of water and was drilled to a depth of 31,866 feet
(9,713 m). 

"The Coronado discovery demonstrates how Chevron is achieving its strategy of
superior exploration performance," said George Kirkland, vice chairman, Chevron
Corporation. "The discovery adds to our global portfolio of high-quality
opportunities for future growth." 

"The Coronado discovery continues our string of exploration successes in the
Lower Tertiary Trend, where Chevron is advancing multiple projects," said Gary
Luquette, president, Chevron North America Exploration and Production Company.
"It also highlights the importance of the deepwater Gulf of Mexico as a source
of domestic energy for the United States." 

The well results are still being evaluated, and additional work is needed to
determine the extent of the resource. Chevron, with a 40 percent working
interest in the prospect, is the operator of the Coronado discovery well. Other
owners are ConocoPhillips (NYSE: COP) with 35 percent, a subsidiary of Anadarko
Petroleum Corporation (NYSE: APC) with 15 percent and Venari Offshore LLC with
10 percent. 

Chevron is one of the largest leaseholders in the Gulf of Mexico and is
currently constructing the Jack/St. Malo and Big Foot projects, which are
scheduled to begin production in 2014. The company is also conducting appraisal
activities at its previously announced Buckskin and Moccasin discoveries, also
in the Lower Tertiary Trend. 

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 

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of
"Safe Harbor" Provisions of the Private Securities Litigation Reform Act of

This news release contains forward-looking statements about Chevron's activities
in the U.S. Gulf of Mexico. 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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Chevron Corporation
Russell Johnson, +1 713-372-1841 

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