Exploration A Decade of Success Bobby Ryan Vice President, Global Exploration Howard Weil Energy Conference New Orleans, Louisiana March 30, 2011 2011 Chevron Corporation
Chevrons Safety Culture Total Days Away From Work Rate 2004 2010 0.20 Do it safely or not at all. 0.15 There is always 0.10 time to do it right. 0.05 0.00 2004 2005 2006 2007 2008 2009 2010 2011 Chevron Corporation 3
A Strong Worldwide Portfolio 770 MBOED 710 MBOED 2010 Net Production Capacity by Region North America Europe, Eurasia and Middle East 2.9 MMBOED 2010 Proved Reserves by Region 700 MBOED 720 MBOED Africa and Latin America…
The Right Upstream Strategies Grow profitably in core areas and build new legacy positions through: Operational excellence Maximizing value of base business Selection and execution of major capital projects Superior exploration…
A Disciplined Approach Exploration Strategy Technical excellence Focused and high-impact Risk-balanced global portfolio Benchmarked and competitive 2011 Chevron Corporation 7
Global Exploration Portfolio Management Exploration Leadership Portfolio Performance Strategic and Business Unit Business Plans Leadership Functional Excellence 2011 Chevron Corporation 8
Key 2010 Exploration Activities United Kingdom Turkey Canada Deepwater Gulf of Mexico Gulf of Thailand Nigeria Partitioned Zone Angola Northwest Australia Focus Areas Exploration Wells Appraisal Wells 2011 Chevron…
2010 Deepwater Gulf of Mexico Activity 2011 Chevron Corporation 12
Planned 2010 Activity Deepwater Gulf of Mexico TEXAS LOUISIANA Blind Tubular Faith Bells Genesis Lower Tahiti Knotty Head Te r t i a r y Oceanographer Miocene Caesar/Tonga Mad Dog Big Foot Coronado Moccasin…
Moccasin Moccasin Today Water Depth: 6,730' Well Suspended: 24,529' Planned Depth: 30,737' Seismic not available for print Permit Approved U.S. Gulf of Mexico New Orleans Houston Moccasin 2011 Chevron Corporation 14
Buckskin Buckskin Today Water Depth: 6,594' Appraisal Suspended: 6,997 Wide Azimuth Seismic Seismic not available for print Depth Migration Proprietary Earth Model U.S. Gulf of Mexico New Orleans Houston Buckskin…
Buckskin Before Technology Advancements Buckskin in 2002 Narrow Azimuth Seismic Time Migration Without Chevrons Proprietary Earth Model Seismic not available for print U.S. Gulf of Mexico New Orleans Houston Buckskin…
14 Million Acres In Portfolio Additions Canada Million Acres Beaufort Sea Romania (Chevron Net) Canada Poland China DW Atlas Black Sea Liberia Beaufort GOM Shelf Ultra-Deep China DW GOM Shelf DW GOM DW GOM Turkey Romania…
Liberia Deepwater Cretaceous Play GUINEA SIERRA New play, new country LEONE CTE 2.4 million acres gross LIBERIA D'IVOIRE Monrovia New 3D seismic LB-14 LB-12 First well 2011 LB-11 AT L A N T I C O C E A N 2011 Chevron…
China Pearl River Mouth Basin EAST CHINA SEA CHINA New play 5.2 million acres gross New 3D seismic Hong Kong First well 2011 VIETNAM 42/05 SOUTH 53/30 CHINA SEA 64/18 2011 Chevron Corporation 20
Gulf of Mexico Shelf Ultra-Deep Gas Play Chevron Interest Chevron HBP Lease Bears Hump Davy Jones Chevron Primary New play, Term Lease Chevron Deepwater mature basin Lease 150,000 new acres gross Existing and new 3D seismic…
Shale Gas Portfolio North America Haynesville Ongoing exploration 3D seismic acquired in 2010 Marcellus 486,000 acres net Currently operating 9 rigs Drill 70 wells in 2011 Canada 100% interest in 200,000 acres Drilling to…
Shale Gas Portfolio International Poland 100% interest in four blocks 1.1 million acres Complete seismic program 2011 Drilling to start 2011 Romania 100% interest in four blocks 2.1 million acres 2011 Chevron Corporation 23
Key 2011 Exploration Activities United Kingdom Canada Poland Marcellus GOM Shelf Deepwater Deep Gas China GOM Liberia Nigeria Gulf of Partitioned Thailand Zone Angola Brazil Northwest Australia Focus Areas Exploration…
Just When We Thought It Was Over Exploration Plays 1985-1992 Outer Shelf Subsalt 1995-Present Deepwater Subsalt 2011 Chevron Corporation 26
Creativity and Technology Open New Plays Exploration Plays 1996-Present Carbonate Trend 2003-Present DW Norphlet 1999-2003 Deep Non-Amplitude Basins - Turtles 1998-Present 2006-Present Miocene Wilcox Inner Basins Fold…