© Chevron 2008 Australasia Business Unit © 2011 Chevron Corporation

Chevron Corporation Joint Australia-Japan Energy Seminar Tokyo - 19 July 2011 Kurt Lindahl, GM Chevron Intl Gas, Japan Branch

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Cautionary Statement

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 presentation are forward-looking statements about Chevron's activities in Australia and LNG development activities. 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 demand for and supply of crude oil and natural gas; the competitiveness of alternate energy sources or product substitutes; 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 disruption or interruption of project activities due to war, accidents, political events, civil unrest, severe weather or crude-oil production quotas that might be imposed by OPEC; potential delays in the development, construction or start-up of planned projects and general economic and political conditions; and the factors set forth under the heading "Risk Factors" on page 31 and 32 of the company’s 2006 Annual report on Form 10-K. Unpredictable or unknown factors not discussed in this presentation could also have material adverse effects on forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. 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.

U.S. Securities and Exchange Commission (SEC) rules permit oil and gas companies to disclose only proved reserves in their filings with the SEC. Certain terms, such as “resources,” “probable” or “possible” reserves, “potentially recoverable reserves,” and “recoverable resources,” among others, may be used in this presentation to describe certain oil and gas properties that are not permitted to be used in filings with the SEC. Investors should refer to disclosures in Chevron's 2006 Annual Report on Form 10-K.

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© Chevron 2011 Australasia Business Unit

Chevron History of Business in Japan

Summary of Business History:

� 1951 – Caltex and Nippon Oil formed Nippon Petroleum Refining Co. & Tokyo Tanker Co. Ltd.

� 1961 – Established Chevron Japan Ltd. (Oronite)

� 1977 Bontang – Supplying LNG to 9 Japanese buyers (KE, CE, OG, QE, THG, NS, TG, HG, NG)

� 1989 NWS – 1/6 owner supplying LNG to 10 Japanese utilities (TE, CE, KE, CDE, QE, TG, OG, THG, THE, SZG)

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Source: CIA – The World Factbook

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© Chevron 2011 Australasia Business Unit 4

Chevron Australia Developing Vital Energy Resources

Perth

North West Shelf

Wheatstone

Gorgon

Barrow/Thevenard Islands

Exploration

Browse

Operated Non Operated ON N

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� Natural gas resources greater than 50 TCF

� Australia is one of Chevron’s four global exploration focus areas

� Largest exploration program in Chevron Australia’s history

� Industry leading results announcing 9 discoveries in 12 months

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Chevron Operated

Chevron Non-Operated

Significant Upstream Position Largest Natural Gas Resource Holder in Australia

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© Chevron 2011 Australasia Business Unit

� Chevron is operator with approximately 47% interest

� 3 x 5 MTPA LNG trains on Barrow Island

� A domestic gas plant with capacity of 300 MMCFD

� Shipping facilities to transport products to international markets

� Provides enough energy to power a city the size of Perth for 800 years

Gorgon Development Plan

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© Chevron 2011 Australasia Business Unit

Gorgon Plant Layout

Materials Offloading Facility

LNG Load Out Facilities Condensate Storage

Tanks

Condensate Stabilisation Power

Generation

Gas Dehydration Inlet Processing

Slug Catchers

Acid Gas Removal + CO2 Compression

LNG Trains 1,2,3

LNG Storage Tanks

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� Total investment approx. $2 billion

• More than $150 million spent on investigation and development to date

� One of the world’s most greenhouse gas efficient LNG developments

� Cutting-edge technology will create one of the world’s largest carbon dioxide injection reservoirs

� Project emissions expected to be reduced by approximately 40% (~3.7 MTPA CO2e)

Carbon Dioxide Injection Project

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© Chevron 2011 Australasia Business Unit

Gorgon Project - Benefits to Australia

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� Employ about 10,000 people at peak construction

� Create 3,500 direct and indirect jobs throughout the life of the project

� Purchase ~$33 billion of local goods & services over first 30 years

� Government revenue ~$40 billion over first 30 years

� Significant domestic natural gas supply source for Western Australia

Source: Independent economic modeling/Chevron & contractors

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© Chevron 2011 Australasia Business Unit

Chevron’s Gorgon Japanese Customers

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Sale and Purchase Agreements:

� Osaka Gas (1.375MTPA for 25 years and 1.25 percent equity)

� Tokyo Gas (1.1MTPA for 25 years and 1 percent equity)

� Chubu Electric (1.44MTPA for 25 years and 0.417 percent equity)

� JX Nippon Oil & Energy Corporation (0.3MTPA for 15 years)

� Kyushu Electric (0.3MTPA for 15 years)

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Chevron Wheatstone Project

� Wheatstone discovery well drilled in 2004

� Initial two train 8.9 MTPA LNG development

� 200 MMCFD domestic gas plant

� Conditional environmental approval for 25 MTPA capacity

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© Chevron 2011 Australasia Business Unit

• More than 600 currently employed

• 6500 direct & indirect jobs at peak construction

• AUD $15 billion in local content spending over the project life

• Significant source of domestic natural gas supply

Upstream Concept

Downstream Concept

Wheatstone - Benefits to Australia

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Chevron Linking Japan & Australia

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Contact: report@tky.ieej.or.jp