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10

Momentous Year for Chevron

Chevron Corporation has outlined a five-year plan for sustained growth, updating its progress

Chevron Corporation has outlined a five-year plan for sustained growth, updating its progress on an extensive queue of major oil and natural gas development projects, exploration successes, newer technologies to improve refining results and innovations to enhance oil recovery in its existing properties.

"2005 was a momentous year," said David O'Reilly, Chevron chairman and CEO. "Through a disciplined approach, we have built very strong and integrated positions in growth areas of the world. We've converted those positions into tangible production growth, and we're creating a platform for sustained performance going forward."

O'Reilly said in a presentation to security analysts today in New York that Chevron has changed dramatically since 1998, with the capacity of producing approximately 2.7 million barrels of oil equivalent per day. The company has tripled in size and has become more balanced geographically. In 1998, almost half of Chevron's production was in North America. Today, that is less than 30 percent, with about 25 percent now in Asia Pacific. "Over this period, our production has grown by two-thirds and our proved reserves have about doubled," added O'Reilly.

Chevron forecasts oil and natural gas production to grow more than 3 percent per year over the next five years, O'Reilly said. He outlined progress the company has made with a strong queue of international upstream projects and noted that Chevron's exploration program has added over 4 billion barrels of resources in the past four years.

"Our success is predicated on our core business strategies," he said. "We are focused on three things: growing upstream profitability in core areas and building new legacy positions, commercializing our equity natural gas resource base, and improving downstream returns in markets with the best fundamentals."