1. Pursuing Offshore
Opportunities
Paul Siegele
Vice President - Strategic Planning
Chevron Corporation
May 6, 2008
Credit Suisse 2008 Offshore Technology Conference
© 2008 Chevron Corporation

2. Cautionary Statement
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF
FORWARD-
“SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
HARBOR” 1995
This presentation of Chevron Corporation contains forward-looking statements relating to Chevron’s operations that are based on management’s
forward- Chevron’ management’
current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words such as “anticipates,”
petroleum, energy- anticipates,”
“expects,” “intends,” “plans,” “targets,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “budgets” and similar expressions are intended to
expects,” intends,” plans,” targets,” projects,” believes,” seeks,” schedules,” estimates,” budgets”
identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties
forward- future
and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially
from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking
forward- on forward-
statements, which speak only as of the date of this presentation. Unless legally required, Chevron undertakes no obligation to update publicly any
presentation. update
forward-looking statements, whether as a result of new information, future events or otherwise.
forward- future
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are crude oil and
differ forward-
natural gas prices; refining margins and marketing margins; chemicals margins; actions of competitors; timing of exploration expenses; the
chemicals expenses;
competitiveness of alternate energy sources or product substitutes; technological developments; the results of operations and financial condition of
substitutes; financial
equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the
company’ joint- development
potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the
existing potential
development, construction or start-up of planned projects; the potential disruption or interruption of the company’s net production or
start- company’
manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather or crude-oil
weather crude-
production quotas that might be imposed by OPEC (Organization of Petroleum Exporting Countries); the potential liability for remedial actions or
remedial
assessments under existing or future environmental regulations and litigation; significant investment or product changes under existing or future
and existing
environmental statutes, regulations and litigation; the potential liability resulting from pending or future litigation; the company’s acquisition or
potential company’
disposition of assets; gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations,
government-
industry-specific taxes, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the
industry-
U.S. dollar; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and the
generally rule-
factors set forth under the heading “Risk Factors” on pages 32 and 33 of the company’s 2007 Annual Report on Form 10-K/A. In addition, such
Factors” company’ 10-
statements could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not
international
discussed in this presentation could also have material adverse effects on forward-looking statements.
forward-
U.S. Securities and Exchange Commission (SEC) rules permit oil and gas companies to disclose only proved reserves in their filings with the SEC.
and filings
Certain terms, such as “resources,” “undeveloped gas resources,” “oil in place,” “recoverable reserves,” and “recoverable resources,” among others,
resources,” resources,” place,” reserves,” resources,”
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. In addition,
the
SEC regulations define oil-sands reserves as mining-related and not a part of conventional oil and gas reserves.
oil- mining-
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© 2008 Chevron Corporation

3. Today’s Operating Environment
Geopolitical
Dynamics
A New
Constrained Growth in
Energy
Supply Energy Demand
Equation
Challenged
New Resources
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© 2008 Chevron Corporation

4. Conventional Energy is Critical to
Meeting Future Demand
Global demand will rise
roughly 50% through 2030
Global Energy Demand
Quadrillion BTU
730 Other
Nuclear
Coal
Natural Gas
Crude Oil
0
2004 2020 2030
Source: EIA
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© 2008 Chevron Corporation

5. The Era of Easy Oil is Over
Limited Access
Remote Locations
Technical Challenges
Escalating Costs
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© 2008 Chevron Corporation

6. World’s Deepwater Basins Provide
Attractive Opportunities
Potential Deepwater Reserves – Top Ten Countries
(Billion BOE)
Yet to Find Reserves
5 Remaining Reserves
4
3
2
1
U.S. Mexico Brazil Nigeria Angola Egypt Australia Norway Indonesia Congo
(GOM)
Source: Wood Mackenzie
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© 2008 Chevron Corporation

7. Focused Offshore Exploration
Program in 2008
Deepwater
Gulf of Mexico
Nigeria Thailand
Venezuela
Congo
Angola
Australia
Brazil
Exploring the top
Deepwater Exploration deepwater areas
Other Offshore Exploration
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© 2008 Chevron Corporation

8. Leader in Exploration Results
Average Exploration success rate for 2002–2007 is 45%
Cumulative Resources Added
Reserve* Replacement Through
From Exploration
Exploration 2002-2006
Percent Billions of Barrels of Oil Equivalent
8
120
6
100
BP TOT COP
80
RDS 4
60 XOM
40 2
20
*Wood Mackenzie reserve replacement metric does not reflect the
2002 2003 2004 2005 2006 2007
Company’s reported proved reserves.
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© 2008 Chevron Corporation

9. Moving Resources to Reserves -
A Leading Portfolio of Oil & Gas Projects
Arctic Canada
United Kingdom
Canada Tar Sands (2)
Kazakhstan (3)
Atlantic Canada
U.S. Rockies China
Azerbaijan
Deepwater Gulf
of Mexico (7)
Venezuela (2) Vietnam
Nigeria (7) Thailand
Congo Indonesia (2)
Angola (3)
Australia (3)
Deepwater
Brazil (2)
Includes Offshore
40 Projects Costing More than $1 Billion Each (CVX share)
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© 2008 Chevron Corporation

10. Deepwater Projects are Among the
World’s Most Challenging
Deepwater Gulf of Mexico
Sea Level
Extensive salt canopy
Empire State Bldg Gulf of Mexico
8,000’ Structural complexity
Sediment
Strong currents
16,000’ Salt Canopy
Pressure differentials
Sediment High temperatures
24,000’
Unpredictable conditions
Target Zone
32,000’
40,000’
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© 2008 Chevron Corporation

11. Applying Best-In-Class Seismic
Technologies to “See” Under Salt
Chevron Pre-Stack Depth Migration
An industry leader in using
sub-salt technology
SALT
Best-in-class sub-salt pre-
SALT
stack depth migration
imaging tool
SALT
Enhanced sub-salt discovery
success rate
SUB-SALT DISCOVERY
TAHITI FIELD
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© 2008 Chevron Corporation

12. Leveraging Latest Generation
Deepwater Drillship Technology
Dynamically positioned
Double hulled
Two drilling systems in a single
derrick
Single trip multiple zone
completions
Maximum drill depth of 40,000
feet
Maximum water depth of
12,000 feet
Transocean’s Discoverer Clear Leader
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© 2008 Chevron Corporation

13. Using Innovative Solutions to Resolve
Deepwater Downhole Issues
Single Dual
9 casing 5 casing
strings strings
Conventional Dual Gradient
Mud Water
Conventional Dual Gradient
Mud
Lift
Same Bottom
Hole Pressure
Differential pressures in deepwater wells raise blowout risk
Dual gradient system reduces risk without excessive casing strings
Enables higher production flow rates
Lowers project costs and minimizes non-productive downtime
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© 2008 Chevron Corporation

14. Commercializing Deepwater Resources
Through Adaptive Technologies
Subsea Issues
Reliability
Flow Assurance
Long Distance
Tiebacks
Separation
Boosting
Intervention
Vessels
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© 2008 Chevron Corporation

15. Mitigating Rising Costs To
Find and Produce Oil & Gas
Industry Exploration & Production
220 Capital Cost Index
180
140
100
2000 2002 2004 2006 2008
Source: CERA
Standardized equipment and designs
Modularization
Technology advances
Effective contracting
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© 2008 Chevron Corporation

16. Mitigating Rising Deepwater Rig Rates
Worldwide Deepwater Rig Rates
$Thousands/Day
500
Market Average Rate
Chevron Avg. Contract Rate
400
300
200
100
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
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© 2008 Chevron Corporation

17. Offshore Gulf
of Mexico
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© 2008 Chevron Corporation

18. Moving Exploratory Efforts Forward
Top leaseholder in Gulf of Mexico
Jack/St. Malo appraisals continue in 2008
Blind Faith
Tubular Bells
Miocene Trend
Tahiti Knotty Head
Puma
Tonga Big Foot
Wilcox Trend
Perdido
Exploration
St. Malo
Appraisal
Jack
Major Capital Project
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© 2008 Chevron Corporation

19. Miocene Trend Development
Blind Faith (75.0%WI)
Deep draft semi-submersible
Mooring operations underway
Startup in 2008
Peak production of 70 MBOED
Tahiti (58.0%WI)
Truss-spar floating production
Spar hull and topsides towed
Awaiting new shackles to install
Startup in 2009
Peak production of 135 MBOED
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© 2008 Chevron Corporation

20. Wilcox Trend Development - Perdido
Perdido Subsea Development
Perdido Regional Development -
(37.5% WI in host)
Operated by Shell
World’s deepest spar facility
Startup in 2010
Peak production of 130 MBOED
Courtesy of Shell
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© 2008 Chevron Corporation

21. Wilcox Trend Evaluation - Jack
Jack - 1st appraisal well
6 MBD test flowrate (40% of net pay)
Record depths, pressures, duration
Jack Field Jack - 2nd appraisal well
Completion expected mid-2008
Perimeter
Jack - 3rd appraisal well
Planned to begin drilling in 2008
Jack # 2 Jack # 1
Houston, Texas from 29,000 feet
1 Mile
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© 2008 Chevron Corporation

22. Offshore
West Africa
and Brazil
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© 2008 Chevron Corporation

23. Nigeria Deepwater Development
Agbami (68.2%WI)
One of largest FPSO in the world
Drilling & completion operations underway
Startup in 2008
Peak production of 250 MBD in 2009
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© 2008 Chevron Corporation

24. Angola & Congo Deepwater Development
Tombua Landana – Angola (31.0%WI)
Compliant piled tower platform hub
Tower & subsea fabrication underway
Startup in 2009
Peak production of 100 MBD in 2011
Moho Bilondo – Congo (31.5%WI)
Floating production unit
Achieved first oil April 2008
Peak production of 90 MBD in 2010
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© 2008 Chevron Corporation

25. Campos Basin Development
Frade (51.7%WI)
FPSO under construction
Subsea installation in progress
Startup in 2009
Peak production of 90 MBOED in 2011
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© 2008 Chevron Corporation

26. Strong Offshore Project Portfolio
Will Improve Returns and Reserves
2008
Agbami Startup
2008
Blind Faith Startup
2008
NWS Train 5 Startup
2008
ACG III Startup
2008
Jack Appraisal Well 2
2008
Moho-Bilondo Startup
2009
Tahiti Startup
2009
Frade Startup
2009
Tombua-Landana Startup
2010
Perdido Startup
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© 2008 Chevron Corporation

27. Questions
© 2008 Chevron Corporation