Upstream and Gas
        George Kirkland
        Executive Vice President
        Upstream & Gas




© 2008 Chevron Corpor...
Delivering on Our 2007 Commitments

              2.6 MMBOED Production Target
              Bibiyana Startup
            ...
Additional 2007 Accomplishments

              Superior Safety Performance
              Thailand Contract Extension
     ...
Net BOE Production
      2007 vs. 2006

      Thousands of Barrels Equivalent Per Day



                                 ...
Delivering Strong Earnings per Barrel
      and Competitive ROCE


      Earnings/BOE (A/T)                               ...
Effective
    Right                                Profitable
                             Execution
    Strategies       ...
Right
              Strategies




                             7
© 2008 Chevron Corporation
Upstream Has the Right Strategies

                             Grow profitably in core areas
                            ...
Positioned With a Strong
      Worldwide Portfolio

      Regional Exploration & Production Companies
      North America ...
Exploration Strategy
      Focus and Impact

                               West
                                         ...
Growing a Diversified Resource* Portfolio

      Resource Growth                                                 Resource ...
Proved Reserve Changes
      2004–2007 and 2010 Projected

      Millions of Barrels



                                  ...
Proved Reserve Changes
      2007–2010 Projection

      Millions of Barrels


                                           ...
Over 140 Tcf of Equity
      Natural Gas Resources*

      Gas portfolio is growing and becoming a key component
      of ...
Growing the Gas Business

                             Commercialize our equity
                             resource base...
Gas Business Achievements 2007

                                            Angola LNG FID

                              ...
Effective
              Execution




                             17
© 2008 Chevron Corporation
Leader in Exploration Results

      Chevron “leads its peers on our underlying exploration reserve
      replacement metr...
Consistent Exploration Success

      Average Exploration success rate for 2002–2007 is 42%
                              ...
Exploration Finding Costs Are
      Among the Lowest

      Underlying Finding Cost
      $/BOE
        9

          8
   ...
Key 2008 Exploration Activities

                                                 Norway Barents
    White Hills
         ...
Cost Management

           Definite cost increases,        Despite cost increases, our
           but not uniform        ...
Superior Contracting Strategies Have
      Cushioned Rising Deepwater Rig Rates
           Worldwide Deepwater Rig Rates  ...
Upstream Costs Have Been
      Among the Lowest

      $/BOE                        Competitors
                          ...
Disciplined Base Business Focus
      McAllen Ranch Field                                 PNZ
     200                    ...
Global Leader in
      Thermal Recovery Processes

             World’s largest thermal operations:
             San Joaqu...
Profitable
              Growth




                             27
© 2008 Chevron Corporation
A Leading Portfolio of Projects

        Amauligak
                                                      Rosebank Lochnaga...
A Leading Portfolio of Projects
        2004-2007

         Amauligak
                                                    ...
A Leading Portfolio of Projects
        2008-2009

         Amauligak
                                                    ...
A Leading Portfolio of Projects
        2010-2011

         Amauligak
                                                    ...
Execution Focus
      2008 & 2009 Startup Projects

     Blind Faith – Gulf of Mexico
            Drill and complete 3 wel...
Execution Focus
      2008 Startup Projects

      Agbami – Nigeria
             FPSO arrived in Nigeria at year-end 2007
...
Global Leader in
      Sour Oil & Gas Processing




        Wyoming              Tengiz               China
        Carte...
Significant Position in Asia-Pacific

                                                             2007-2011 Growth
      ...
Strong Presence in the Caspian and
      Middle East Regions

                                                            ...
New Projects Will Increase Production
      in West Africa

                                                             2...
Deepwater Brazil Adding to
      Latin America’s Growth


                                                             200...
Sustaining North American Production

                                                             2007-2011 Growth
      ...
Production Growth Driven by a
      Steady Queue of Projects

     Net Production MBOED                                   ...
Our Continued Commitment to
      Earnings and Returns

      Production CAGR >3%     2005-2010

      Reserves Replacemen...
Appendix




© 2008 Chevron Corporation
Upstream Major Capital Projects
      Asia-Pacific Region
                                                                ...
Upstream Major Capital Projects
      Caspian and Middle East Regions
                                                    ...
Upstream Major Capital Projects
      West Africa Region – Angola/Congo
                                                  ...
Upstream Major Capital Projects
      West Africa Region – Nigeria
                                                       ...
Upstream Major Capital Projects
      Latin America Region
                                                               ...
Upstream Major Capital Projects
      North America Region
                                                               ...
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Chevron Upstream & Gas

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Chevron Upstream & Gas

  1. 1. Upstream and Gas George Kirkland Executive Vice President Upstream & Gas © 2008 Chevron Corporation
  2. 2. Delivering on Our 2007 Commitments 2.6 MMBOED Production Target Bibiyana Startup Tengiz Staged Oil Startup Agbami Progress Blind Faith Progress Frade Progress Nigeria GTL Progress Tahiti Progress 2 © 2008 Chevron Corporation
  3. 3. Additional 2007 Accomplishments Superior Safety Performance Thailand Contract Extension Angola LNG FID Chuandongbei PSC Signing Agbami FPSO Arrival on Location Gorgon Environmental Approvals Exploration Success Competitive Margins and Returns NWS Train 5 Progress Reserves Replacement 3 © 2008 Chevron Corporation
  4. 4. Net BOE Production 2007 vs. 2006 Thousands of Barrels Equivalent Per Day 73 (62) (16) 2,667 2,619 (43) 2006 Actual Empresa Price Base Major Capital 2007 Actual Mixta Production Projects Impact 4 © 2008 Chevron Corporation
  5. 5. Delivering Strong Earnings per Barrel and Competitive ROCE Earnings/BOE (A/T) Competitive ROCE 1 $/barrel ROCE 50% $20 40% $15 30% $10 20% 10% $5 2007 Rank: #2 2006 Rank: #2 0% $0 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Competitor Group: XOM, BP, COP and RDS Competitive ROCE calculated based on Chevron estimates and public information handled on a consistent basis. Excludes special items. Reconciliation to non-GAAP earnings measure for Chevron is available at www.chevron.com under Investors. 2007 ROCE updated on March 26, 2008 1 5 © 2008 Chevron Corporation
  6. 6. Effective Right Profitable Execution Strategies Growth 6 © 2008 Chevron Corporation
  7. 7. Right Strategies 7 © 2008 Chevron Corporation
  8. 8. Upstream Has the Right Strategies Grow profitably in core areas and build new legacy positions Achieve world-class operational performance Maximize and grow the Base Business Lead the industry in selection and execution of Major Capital Projects Achieve superior Exploration performance Identify, capture and effectively incorporate new core positions 8 © 2008 Chevron Corporation
  9. 9. Positioned With a Strong Worldwide Portfolio Regional Exploration & Production Companies North America Europe, Eurasia and Middle East 800 MBOED 620 MBOED 11 billion BOE net proved reserves 2.7 million BOED net production capacity Leading positions in key oil and gas basins Africa and Asia-Pacific Latin America 700 MBOED 580 MBOED 9 © 2008 Chevron Corporation
  10. 10. Exploration Strategy Focus and Impact West Norway Greenland Alaska West of Shetlands Canada East Coast Canada Gulf of Mexico Deepwater Libya Gulf of Thailand Northwest Australia West Africa Focus Areas Deepwater Brazil Test Areas Deepwater New Entry 10 © 2008 Chevron Corporation
  11. 11. Growing a Diversified Resource* Portfolio Resource Growth Resource Distribution Billion BOE Billion BOE 70 70 12% Europe, Eurasia 60 60 and Middle East 50 50 Asia-Pacific 40 40 30 30 Americas 20 20 10 10 Africa 0 0 YE 2004 YE 2007 * Resource is defined as unrisked proved, probable and possible reserves plus potential recoverable resources contingent on commerciality. Includes oil volumes associated with Athabasca Oil Sands mining. Crude oil extracted through bitumen mining operations is not considered to be an oil and gas producing activity by the Securities and Exchange Commission. 11 © 2008 Chevron Corporation
  12. 12. Proved Reserve Changes 2004–2007 and 2010 Projected Millions of Barrels 1,465 2,748 1,413 605 11,252 ~11,300 10,777 YE 2004 Production Price Effect Unocal Net YE 2007 Projected Additions YE 2010 Does not include oil volumes associated with Athabasca Oil Sands mining. Crude oil extracted through bitumen mining operations is not considered to be an oil and gas producing activity by the Securities and Exchange Commission. 12 © 2008 Chevron Corporation
  13. 13. Proved Reserve Changes 2007–2010 Projection Millions of Barrels 1,100 2,400 3,000 ~11,300 10,777 YE 2007 Production MCP Base Adds & YE 2010 Actual Contract Projection Extensions Does not include oil volumes associated with Athabasca Oil Sands mining. Crude oil extracted through bitumen mining operations is not considered to be an oil and gas producing activity by the Securities and Exchange Commission. 13 © 2008 Chevron Corporation
  14. 14. Over 140 Tcf of Equity Natural Gas Resources* Gas portfolio is growing and becoming a key component of Chevron’s overall production. Gas Production as % Europe, Eurasia of Total Chevron and Middle East Net Production 18 Tcf 45% 40% 35% Americas 35 Tcf 30% Africa Asia-Pacific 25% 26 Tcf 67 Tcf 2010 2015 2020 2007 Unrisked * Circles represent geographic coverage and not the size of the resource. 14 © 2008 Chevron Corporation
  15. 15. Growing the Gas Business Commercialize our equity resource base while growing a high-impact global gas business Progressing the queue of more than 10 world-class gas projects Building a global portfolio of LNG supply Progressing the construction of our first GTL plant Enabling gas business growth through midstream capabilities 15 © 2008 Chevron Corporation
  16. 16. Gas Business Achievements 2007 Angola LNG FID Gorgon LNG environmental approval and capacity expansion Bibiyana startup Thailand contract extension Angola LNG Plant site schematic and gas sales agreement signed with PTT Chuandongbei sour gas PSC signed with CNPC Piceance tight gas entered development phase Site works for the Angola LNG Plant 16 © 2008 Chevron Corporation
  17. 17. Effective Execution 17 © 2008 Chevron Corporation
  18. 18. Leader in Exploration Results Chevron “leads its peers on our underlying exploration reserve replacement metric, having replaced an outstanding 120% of its production between 2002 and 2006 through new field exploration success alone.” RADAR report by Wood Mackenzie, January 2008 Reserve* Replacement Through Exploration, 2002-2006 Percent 140 Chevron 120 100 BP Total 80 COP Shell 60 ExxonMobil 40 20 0 *Wood Mackenzie reserve replacement metric does not reflect the Company’s reported proved reserves. 18 © 2008 Chevron Corporation
  19. 19. Consistent Exploration Success Average Exploration success rate for 2002–2007 is 42% 8 Billions of Barrels 7 of Oil Equivalent 6 5 4 3 Cumulative Resources 2 1 Added From Exploration 0 2002 2003 2004 2005 2006 2007 2002 2003 2004 2005 2006 2007 Year-End Mean Resource Estimates 19 © 2008 Chevron Corporation
  20. 20. Exploration Finding Costs Are Among the Lowest Underlying Finding Cost $/BOE 9 8 Competitors 7 XOM BP 6 RDS 5 COP 4 3 Competitor Range 2 1 0 2002 2003 2004 2005 2006 Wood Mackenzie, December 2007 (Exploration Costs/Resources Found) 20 © 2008 Chevron Corporation
  21. 21. Key 2008 Exploration Activities Norway Barents White Hills Rosebank Ells River Orphan Deepwater Gulf of Mexico Gulf of Libya Nigeria Thailand Venezuela Congo Brazil Angola Northwest Australia Seismic Exploration Wells Appraisal Wells 21 © 2008 Chevron Corporation
  22. 22. Cost Management Definite cost increases, Despite cost increases, our but not uniform opportunity queue remains robust IHS/CERA Upstream Capital Costs Function of local markets Index (2000 = 100) and varies between certain items 3Q 2007: 198 200 180 Combating increases 3Q 2006: 167 160 through: 140 Effective contracting 120 Standardization of designs and materials 100 Modularization 80 2000 2002 2004 2006 2008 Technology advances Source: Cambridge Energy Research Associates 22 © 2008 Chevron Corporation
  23. 23. Superior Contracting Strategies Have Cushioned Rising Deepwater Rig Rates Worldwide Deepwater Rig Rates Equivalent Rig Years $M/day Under Contract 500 6 Market Average Rate Chevron Average 400 Contract Rate 4 300 200 2 100 0 0 2003 2004 2005 2006 2007 2008 Forecast Drilling units rated for >7,500 ft water depth Market data sources for similar type of rig: GDC, Fearnley Offshore, Rig Logix 23 © 2008 Chevron Corporation
  24. 24. Upstream Costs Have Been Among the Lowest $/BOE Competitors BP MRO 28 COP MUR RDS OXY 24 XOM TOT $19.40 HES 20 Competitor 16 Range 12 8 2002 2003 2004 2005 2006 2007 Ranking 3/10 3/10 2/10 3/10 2/10 Source: AG Edwards; includes production costs, exploration expense, DD&A and other expenses 24 © 2008 Chevron Corporation
  25. 25. Disciplined Base Business Focus McAllen Ranch Field PNZ 200 200 Production MMCFPD Production MBOEPD 160 180 10% decline 120 160 80 30% decline 1% decline 140 40 0 120 2002 2003 2004 2005 2006 2007 2002 2003 2004 2005 2006 2007 San Joaquin Valley Business Unit Duri Steamflood, Indonesia 280 250 Production MBOPD Production MBOEPD 240 6% decline 260 230 16% decline 220 2% decline 240 3% decline 210 200 220 190 180 200 2002 2003 2004 2005 2006 2007 2002 2003 2004 2005 2006 2007 25 © 2008 Chevron Corporation
  26. 26. Global Leader in Thermal Recovery Processes World’s largest thermal operations: San Joaquin Valley and Duri Field Well-positioned for future opportunities, such as Ells River, Petropiar (Hamaca) and PNZ Heavy Oil Center of Excellence develops and deploys technology applications, tools and best practices 26 © 2008 Chevron Corporation
  27. 27. Profitable Growth 27 © 2008 Chevron Corporation
  28. 28. A Leading Portfolio of Projects Amauligak Rosebank Lochnagar AOSP Expansion 1 TCO SGI/SGP AOSP Expansion 2 Karachaganak III Hebron Blind Faith Tengiz Expansion Tahiti Piceance Chuandongbei Gas Perdido ACG II-III Big Foot Petropiar Upgrader Jack Platong II Plataforma Deltana St.Malo Vietnam Gas Tubular Bells Gendalo - Gehem Frade North Duri Papa Terra Agbami Nigeria GTL Moho Bilondo Usan NWS Train 5 Tombua Landana Bonga SW Aparo Greater Gorgon Angola LNG Nsiko Wheatstone Lucapa Olokola Nigeria EGP 3 All projects shown are >$1B Chevron share 28 © 2008 Chevron Corporation
  29. 29. A Leading Portfolio of Projects 2004-2007 Amauligak Rosebank Lochnagar AOSP Expansion 1 TCO SGI/SGP AOSP Expansion 2 Karachaganak III Hebron Blind Faith Tengiz Expansion Tahiti Piceance Chuandongbei Gas Perdido ACG II-III Big Foot Petropiar Upgrader Jack Platong II Plataforma Deltana St.Malo Vietnam Gas Tubular Bells Net Production - MBOEPD Gendalo - Gehem Frade North Duri 1200 MCP Papa Terra Base Agbami 800 Nigeria GTL Moho Bilondo Usan NWS Train 5 Tombua Landana Bonga SW Aparo Greater Gorgon 400 Angola LNG Nsiko 2007 Wheatstone Lucapa Olokola Nigeria EGP 3 2004 All projects shown are >$1B Chevron share 0 29 © 2008 Chevron Corporation
  30. 30. A Leading Portfolio of Projects 2008-2009 Amauligak Rosebank Lochnagar AOSP Expansion 1 TCO SGI/SGP AOSP Expansion 2 Karachaganak III Hebron Blind Faith Tengiz Expansion Tahiti Piceance Chuandongbei Gas Perdido ACG II-III Big Foot Petropiar Upgrader Jack Platong II Plataforma Deltana St.Malo Vietnam Gas Tubular Bells Net Production - MBOEPD Gendalo - Gehem Frade North Duri 1200 MCP Papa Terra Base Agbami 800 2009 Nigeria EGP 3 Moho Bilondo Nigeria GTL NWS Train 5 Tombua Landana 2008 Usan Greater Gorgon 400 Angola LNG Bonga SW Aparo Wheatstone Lucapa Nsiko Olokola 2004 All projects shown are >$1B Chevron share 0 30 © 2008 Chevron Corporation
  31. 31. A Leading Portfolio of Projects 2010-2011 Amauligak Rosebank Lochnagar AOSP Expansion 1 TCO SGI/SGP AOSP Expansion 2 Karachaganak III Hebron Blind Faith Tengiz Expansion Tahiti Piceance Chuandongbei Gas Perdido ACG II-III Big Foot Petropiar Upgrader Jack Platong II Plataforma Deltana St.Malo Vietnam Gas Tubular Bells Net Production - MBOEPD Gendalo - Gehem Frade North Duri 1200 2011 MCP Papa Terra Base 2010 Agbami 800 Nigeria EGP 3 Moho Bilondo Nigeria GTL NWS Train 5 Tombua Landana Usan Greater Gorgon 400 Angola LNG Bonga SW Aparo Wheatstone Lucapa Nsiko Olokola 2004 All projects shown are >$1B Chevron share 0 31 © 2008 Chevron Corporation
  32. 32. Execution Focus 2008 & 2009 Startup Projects Blind Faith – Gulf of Mexico Drill and complete 3 wells in initial development plan Set topsides on hull and complete integration Tow to location 1Q 2008 Drill and complete 4th well 2Q 2008 First oil 2Q 2008 Tahiti – Gulf of Mexico Drill all 6 wells in initial development plan Topsides modules ready to install Tow spar hull to field 1Q 2008 Subsea installation Phase 1 complete 2Q 2008 Set topsides on hull 3Q 2008 Subsea installation Phase 2 complete 1Q 2009 First oil 3Q 2009 32 © 2008 Chevron Corporation
  33. 33. Execution Focus 2008 Startup Projects Agbami – Nigeria FPSO arrived in Nigeria at year-end 2007 FPSO and subsea hookup in progress Complete 5 producers and 1 injector by first production date First oil by 3Q 2008 Tengiz Sour Gas Injection/ 2nd Generation Plant – Kazakhstan Staged oil startup and sour gas injection Construction and commissioning of oil, gas and sulfur plants 3Q 2008 Full production facilities startup 3Q 2008 33 © 2008 Chevron Corporation
  34. 34. Global Leader in Sour Oil & Gas Processing Wyoming Tengiz China Carter Creek Sour Production Chuandongbei Sour Gas Plant Facilities Project Excellent safety, One of a kind with New opportunity reliability and excellent to apply our sour environmental performance production record capabilities and technologies 34 © 2008 Chevron Corporation
  35. 35. Significant Position in Asia-Pacific 2007-2011 Growth NWS Train 5 Chuandongbei Gas Project Bibiyana North Duri Steamflood Platong II Net Production MBOEPD 2012+ Growth base growth 800 Gorgon Wheatstone 600 Vietnam Gas Development 400 Gendalo – Gehem 200 0 '05 '06 '07 '08 '09 '10 '11 35 © 2008 Chevron Corporation
  36. 36. Strong Presence in the Caspian and Middle East Regions 2007-2011 Growth Tengiz SGI/SGP Azeri-Chirag-Guneshli Phase III PNZ – Large Scale Steamflood Pilot 2012+ Growth Net Production MBOEPD Tengiz Expansion 600 base growth Karachaganak III Expansion 400 200 0 '05 '06 '07 '08 '09 '10 '11 36 © 2008 Chevron Corporation
  37. 37. New Projects Will Increase Production in West Africa 2007-2011 Growth Agbami Tombua Landana Moho Bilondo Usan Nigeria GTL Nigeria EGP 3 Net Production MBOEPD base growth 800 2012+ Growth Angola LNG 600 Bonga SW/Aparo 400 Olokola LNG 200 Negage Lucapa 0 '05 '06 '07 '08 '09 '10 '11 37 © 2008 Chevron Corporation
  38. 38. Deepwater Brazil Adding to Latin America’s Growth 2007-2011 Growth Frade Papa-Terra 2012+ Growth Net Production MBOEPD Plataforma Deltana base growth 300 Starfish Petropiar Expansion 200 100 0 '05 '06 '07 '08 '09 '10 '11 38 © 2008 Chevron Corporation
  39. 39. Sustaining North American Production 2007-2011 Growth Blind Faith Tahiti Piceance San Ardo Perdido AOSP Expansion 1 Net Production MBOEPD base growth 2012+ Growth 1000 800 Big Foot Tubular Bells AOSP Expansion 2 Tonga 600 Hebron Jack 400 Amauligak St. Malo 200 0 '05 '06 '07 '08 '09 '10 '11 39 © 2008 Chevron Corporation
  40. 40. Production Growth Driven by a Steady Queue of Projects Net Production MBOED 100% Peak Chevron WI Production Current Startup Project Operator % Project @ $70/bbl MBOEPD 3.5 Phase 2007 Tengiz SGI/SGP √ 50 250 Prod 3.0 Bibiyana √ 98 85 Prod San Ardo √ 100 15 Prod 2008 Agbami √ 68 250 Const 2.5 Blind Faith √ 75 70 Const NWS Train 5 17 95 Const 2.0 N Duri Steamflood √ 100 70 Const Moho Bilondo 32 90 Const 1.5 Callanish-Brodgar Callanish- 16-25 16- 45 Const ACG III 10 340 Const 2009 Tombua Landana √ 31 100 Const 1.0 Tahiti √ 58 135 Const Frade √ 52 90 Const 0.5 Piceance √ 100 70 Const Nigeria EGP 3 √ 40 140 Const 0.0 2010 Perdido 33-60 33- 130 Const 2007 2010 Nigeria GTL √ 75 35 Const AOSP Expansion I 20 100 Const 40 © 2008 Chevron Corporation
  41. 41. Our Continued Commitment to Earnings and Returns Production CAGR >3% 2005-2010 Reserves Replacement 2008-2010 Ratio >100% TCO SGP Full Capacity 2008 Blind Faith Startup 2008 Agbami Startup 2008 NWS Train 5 Startup 2008 Tahiti Startup 2009 Frade Startup 2009 Tombua-Landana Startup 2009 41 © 2008 Chevron Corporation
  42. 42. Appendix © 2008 Chevron Corporation
  43. 43. Upstream Major Capital Projects Asia-Pacific Region C&E Peak Prod Current Project Location Operator WI % $Billion MBOED Phase Startup Bibiyana Gas Development Bangladesh Chevron 98.0 0.3 85 Production 2007 NWS Train 5 Australia Other 16.7 2.1 95 Construction 2008 North Duri Steamflood Indonesia Chevron 100 1.3 70 Construction 2008 Development (all phases) Platong II Thailand Chevron 69.8* 3.1 65 Construction 2011 Chuandongbei Gas Area China Chevron 49.0 TBD 80 Design TBD Greater Gorgon Offshore 440 Australia Chevron 50.0 TBD Design TBD Development & LNG Capacity Wheatstone Australia Chevron 100 TBD TBD Evaluation TBD Gendalo - Gehem Indonesia Chevron 80.0 TBD TBD Design TBD Vietnam Gas Development Vietnam Chevron 42.9* 4.3 85 Evaluation 2012 *Represents a weighted average of Chevron’s interest across multiple blocks C&E is estimated 100% gross project C&E Peak production is estimated 100% gross production when project is at its maximum level 43 © 2008 Chevron Corporation
  44. 44. Upstream Major Capital Projects Caspian and Middle East Regions C&E Peak Prod Current Project Location Operator WI % $Billion MBOED Phase Startup Tengiz Sour Gas Injection/ Kazakhstan Chevron 50.0 7.2 250 Production 2007 Second Generation Plant Azeri-Chirag-Guneshli (ACG) Azeri- Chirag- Refer to Azerbaijan Other 10.3 340 Construction 2008 Development III Operator Large-Scale Steamflood Pilot Large- PNZ Chevron 50.0 0.2 10 Construction 2007 Tengiz Expansion Kazakhstan Chevron 50.0 TBD TBD Design TBD Refer to Karachaganak Expansion III Kazakhstan Other 20.0 235 Evaluation 2012+ Operator C&E is estimated 100% gross project C&E Peak production is estimated 100% gross production when project is at its maximum level 44 © 2008 Chevron Corporation
  45. 45. Upstream Major Capital Projects West Africa Region – Angola/Congo C&E Peak Prod Current Project Location Operator WI % $Billion MBOED Phase Startup Benguela Belize Lobito Tomboco (BBLT) Deepwater Angola Chevron 31.0 2.5 200 Production 2006 Development Tombua Landana Deepwater Angola Chevron 31.0 3.8 100 Construction 2009 Development Moho Bilondo Deepwater Refer to Congo Other 31.5 90 Construction 2008 Development Operator Chevron Angola LNG Angola 36.4 TBD 110 Construction 2012 (co-operator) (co- Negage Angola Chevron 31.0 TBD TBD Evaluation TBD Lucapa Angola Chevron 31.0 TBD TBD Evaluation TBD C&E is estimated 100% gross project C&E Peak production is estimated 100% gross production when project is at its maximum level 45 © 2008 Chevron Corporation
  46. 46. Upstream Major Capital Projects West Africa Region – Nigeria C&E Peak Prod Current Project Location Operator WI % $Billion MBOED Phase Startup Agbami Deepwater Nigeria Chevron 68.2 5.4 250 Construction 2008 Development Usan Deepwater Refer to Nigeria Other 30.0 180 Construction 2011 Development Operator Nigeria GTL Nigeria Chevron 75.0 2.9 35 Construction 2010 Nigeria EGP3 Nigeria Chevron 40.0 2.8 140 Construction 2009 Bonga SW/Aparo Deepwater Refer to Nigeria Other 19.7* 150 Design 2012 Development Operator 500 Olokola LNG Plant Nigeria Other 19.5 TBD Design TBD capacity Olokola Gas Supply Nigeria Chevron 40.0 TBD 360 Design TBD *Equity is pending execution of the pre-unit agreement. C&E is estimated 100% gross project C&E Peak production is estimated 100% gross production when project is at its maximum level 46 © 2008 Chevron Corporation
  47. 47. Upstream Major Capital Projects Latin America Region C&E Peak Prod Current Project Location Operator WI % $Billion MBOED Phase Startup Frade Deepwater Brazil Chevron 51.7 2.8 90 Construction 2009 Development Papa-Terra BC-20 Deepwater Papa- BC- Brazil Other 37.5 TBD 80 Evaluation 2011 Development Plataforma Deltana Venezuela Chevron 60.0 TBD TBD Evaluation TBD Petropiar Expansion Venezuela Other 30.0 TBD TBD Evaluation TBD Trinidad Starfish and Other 50.0 TBD TBD Evaluation TBD Tobago C&E is estimated 100% gross project C&E Peak production is estimated 100% gross production when project is at its maximum level 47 © 2008 Chevron Corporation
  48. 48. Upstream Major Capital Projects North America Region C&E Peak Prod Current Project Location Operator WI % $Billion MBOED Phase Startup Mid Piceance Chevron 100 7.3 70 Construction 2009 Continent San Ardo Steamflood SJV Chevron 100 0.3 15 Production 2007 Tahiti Deepwater GOM Chevron 58.0 4.7 135 Construction 2009 Blind Faith Deepwater GOM Chevron 75 1.4 70 Construction 2008 33.3 – Perdido Region Deepwater GOM Other 4.5 130 Construction 2010 60.0 Athabasca Oil Sands Project Canada Other 20.0 10.2 100 Construction 2010 (AOSP) Expansion 1 Jack GOM Chevron 50.0 TBD TBD Evaluation TBD St. Malo GOM Chevron 41.3 TBD TBD Evaluation TBD Big Foot GOM Chevron 60.0 TBD TBD Evaluation TBD Tonga GOM Chevron 20.5 TBD TBD Evaulation TBD AOSP Expansion 2 Canada Other 20.0 TBD TBD Evaluation TBD Tubular Bells GOM Other 30.0 TBD TBD Evaluation TBD Hebron Canada Chevron 28.0 TBD TBD Evaluation TBD Amauligak Canada Other 32.5 TBD TBD Evaluation TBD C&E is estimated 100% gross project C&E Peak production is estimated 100% gross production when project is at its maximum level 48 © 2008 Chevron Corporation
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