Evaluation of Production Development Under Way

SAN RAMON, Calif., Jan 31, 2008 (BUSINESS WIRE) -- Chevron Corporation (NYSE:CVX) announced today the successful completion of an appraisal well at its Big Foot prospect in the deepwater Gulf of Mexico. Big Foot is located in over 5,000 feet of water on Walker Ridge 29, approximately 225 miles south of New Orleans, and 180 miles offshore. The appraisal well, Big Foot no. 3, Sidetrack no. 2, confirmed the same pay intervals of the previously announced discovery and sidetrack wells, and found the main pay sand full of oil to the base.

Operated by a Chevron subsidiary, the appraisal well reached a measured depth of 25,113 feet (including water) at a location to the northwest of, and deeper than, the previous wells. Chevron is evaluating a range of production development options for the Big Foot prospect.

Chevron owns a 60 percent working interest in Big Foot. Partners are StatoilHydro (27.5%) and Shell Gulf of Mexico Inc. (12.5 %).

Chevron is the largest leaseholder in the U.S. Gulf of Mexico and is one of the world's leading integrated energy companies. The company has approximately 59,000 employees, and operates across the entire energy spectrum -- exploring for, producing and transporting crude oil and natural gas; refining, marketing and distributing fuels and other energy products and services; manufacturing and selling petrochemical products; generating power; and developing and commercializing the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information on Chevron is available at www.chevron.com.

SOURCE: Chevron Corporation

Chevron Corporation
Mickey Driver, 832-854-6640
mickeydriver@chevron.com