Credit Suisse Energy Summit 2011 Gary Luquette President, Chevron North America Exploration and Production February 9, 2011 2011 Chevron
Chevrons Strong Safety Culture Total Days Away From Work Rate 2004 2010 Do it safely or 0.20 not at all. 0.15 There is always time 0.10 to do it right. 0.05 0.00 2004 2005 2006 2007 2008 2009 2010 2011 Chevron 3
Chevron Upstream Overview 2010 Net Production 2,763 MBOED 762 MBOED 659 MBOED North America Europe, Eurasia and Middle East 662 MBOED 680 MBOED Africa & Latin America Asia Pacific Areas of Operation 2011 Chevron 4
North America Upstream Operations Beaufort Sea/Arctic Beaufort Sea Explore Mackenzie Delta Atlantic Canada Unconventiona l Resource Canadian Opportunities AOSP Oil Sands Ells River Oil Sands Atlas Acquisition San…
Canada 2010 net production: Key operating areas 54,000 BOED Northern Canada Atlantic Canada Western Canada 2011 Chevron 6
Canada Athabasca Oil Sands Project 255,000 BOED capacity Chevron non-operated: 20% interest Jack Pine Mine ramp-up in 2010 Scotford Upgrader expansion startup expected in 2011 Atlantic Canada Hibernia Southern extension…
United States San Joaquin Valley, California Largest producer in California Key operating areas: Kern River 2010 net production: Midway Sunset Cymric 199,000 BOED McKittrick Lost Hills Elk Hills 2011 Chevron 8
United States San Joaquin Valley, California Legacy asset for more than a century Recovered net production: 7 billion barrels of oil-equivalent Heavy Oil Center of Excellence Key projects Kern River mature steamflood operation…
United States Mid-Continent / Alaska Number two oil producer in Permian Basin 2010 net production: 249,000 BOED Key operating areas: CO, NM, OK, TX, WY Alaska 2011 Chevron 10
United States Mid-Continent / Alaska Recovered net production: 12 billion barrels of oil-equivalent Recently achieved 5 billion barrel net production milestone in Permian Basin Conventional resources CO2 enhanced recovery…
United States Gulf of Mexico Largest leaseholder 2010 net production: One of the largest 260,000 BOED producers Shelf 123,000 BOED Deepwater 137,000 BOED 2011 Chevron 12
United States Gulf of Mexico Recovered net production: 9 billion barrels of oil-equivalent Substantial infrastructure enables deepwater development Ultra deep gas opportunities Wilcox trend provides significant growth…
Gulf of Mexico Major Capital Projects Jack/St. Malo FID October 2010 Startup expected in 2014 Three subsea centers tied back to a hub production facility Production capacity: 177 MBOED Total cost 7.5 billion Chevron operated…
Gulf of Mexico Major Capital Projects Big Foot FID December 2010 Startup expected in 2014 Extended Tension Leg Platform with onboard drilling rig Production capacity: 79 MBOED Total cost 4 billion Chevron operated: 60%…
Gulf of Mexico Major Capital Projects Tahiti 2 FID September 2010 Startup expected in 2011 Second development phase for producing Tahiti field Extends Tahitis plateau production 3 water injection wells and 2 additional…
Gulf of Mexico Major Capital Projects Perdido Regional Development First oil March 2010 Industrys first production from Lower Tertiary Subsea wells and separation facilities with tieback to a spar floating production facility…
Chevrons Exploration Focus Areas Deepwater Gulf of Mexico Gulf of Mexico Shelf Gulf of Thailand Nigeria Angola Northwest Australia Focus Areas 2011 Chevron 18
2010 North America Exploration Activities Gulf of Mexico Deepwater: 50% equity position in top 45 Lower Tertiary prospects Shelf: deep gas exploration Canada Canada Atlantic Canada (Orphan Basin) Deepwater Gulf of Mexico Gulf of…
Atlas Energy Acquisition Assets in Sweet Spot of Marcellus Trend New York Appalachian Basin 486,000 net acres of Marcellus Shale Pennsylvania 623,000 net acres of Utica Shale 49% interest in Laurel Mountain Midstream, LLC…
Atlas Energy Acquisition Strategic Drivers Targeted, high-quality asset Low development costs Includes midstream assets Proximity to key markets Chevron-operated Limited near-term Chevron investment due to drilling carry…
Well-Positioned for Today and Tomorrow Robust major capital Well-positioned project queue to compete Focused base business operations Exploration focus area Strong Capturing new opportunities execution momentum 2011…
Questions 2011 Chevron 23
Credit Suisse Energy Summit 2011 Gary Luquette President, Chevron North America Exploration and Production February 9, 2011 2011 Chevron