Credit Suisse Energy Summit 2012 Bobby Ryan Vice President Global Exploration February 8, 2012 Vail, Colorado 2012 Chevron Corporation
Strong Safety Culture Do it safely or not at all. There is always time to do it right. 2012 Chevron Corporation 3
A Strong Worldwide Portfolio 748 MBOED 617 MBOED 2011 Net Production By Region North America Europe, Eurasia and Middle East 2.7 MMBOED 2011 Proved Reserves By Region 656 MBOED 653 MBOED Africa & Latin America…
An Aggressive Explorer With Poor Results NPV10 1996-2002 (1H) MM 7000 3rd in the number of wells drilled 6000 5th in exploration expenditure (5 billion) 5000 4000 24th in value creation (-492 MM) 3000 2000 1000…
Global Exploration Portfolio Management Exploration Strategy Exploration Leadership Technical excellence Focused and high-impact Portfolio Risk-balanced global Performance portfolio Strategic and Benchmarked and Business…
Second in New Field Volumes From Exploration New Field Volumes (2001-2010)* BBOE 8.5 8.0 6.5 5.6 5.4 4.7 4.6 3.1 45% Better than the Major group average 2012 Chevron Corporation * Wood Mackenzie 8
Lowest Cost in Resource Additions from Exploration Post-Tax Discovery Costs (2001-2010)* /BOE 1.20 1.01 0.81 0.74 0.66 0.64 0.62 0.48 41% Lower than Major group average 2012 Chevron Corporation * Wood Mackenzie 9
Chevron Exploration is First in Value Creation Value Creation from New Fields by Water Depth (2001-2010)* B 20 Deepwater 15 Shelf and Onshore 10 5 0 -5 80% Higher than the Major group average 2012 Chevron…
18 Million Acres Added Since 2009 Canada Thousand Acres Beaufort Poland (Chevron Net) Marcellus Romania Duvernay Utica Norway China DW Antrim Bulgaria Black Sea Liberia Beaufort Flemish Flemish Pass Pass Australia GOM Shelf…
Deepwater Gulf of Mexico Exploration, Appraisal and Development TEXAS LOUISIANA Blind Tubular Faith Bells Genesis Lower Tahiti Knotty Head Te r t i a r y Gator Lake Miocene Oceanographer Mad Dog Caesar/Tonga Big…
Australia Thirteen Discoveries since 2009 Discoveries 2009 2010 2011 2012 Kentish Knock-1 Brederode-1 Orthrus-2 Yellowglen-1 NORTHWEST Achilles-1 SHELF Vos Satyr-3 Acme West Acme-1 Northwest Shelf LNG Facilities…
Gulf of Mexico Shelf Ultra-Deep Gas Play Bears Lineham New play, Hump Creek mature basin 150,000 new acres gross Existing and Davy Jones new 3D seismic Bears Hump reached TD, evaluating results Lineham Creek spud in late…
Liberia Deepwater Cretaceous Play GUINEA New play, new country SIERRA LEONE 2.4 million acres gross CTE LIBERIA D'IVOIRE New 3D seismic Monrovia LB-14 Two wells planned for 2012 LB-12 LB-11 First well to spud late Q1 AT L…
China Pearl River Mouth Basin EAST CHINA SEA CHINA New play 5.2 million acres gross New 3D seismic Hong Kong Drilling second well Multiple 2012 wells planned VIETNAM 42/05 SOUTH 53/30 CHINA SEA 64/18 2012 Chevron…
Over 8 Million Acres in 16 Shales Chevron Shale Position Silurian Poland Romania Bulgaria Antrim Collingwood Duvernay Marcellus Niobrara Utica Wolfcamp Haynesville Longli Avalon Bossier Cisco Cline Woodford Vaca…
Eastern Europe Shale Poland 100% interest in four blocks 1.1 million acres 2D seismic complete First well drilling Multiple wells planned for 2012 Romania 100% interest in four blocks 2.1 million acres 2D seismic complete…
Canadian Shale Duvernay Formation 100% interest in 250,000 acres First well drilled in Q4 2011 Currently drilling second well Al b e r ta Multiple wells planned for 2012 Duvernay Acreage CANADA Calgary U N I T E D S TAT…
Key 2012 Exploration Activity Poland, Romania and Bulgaria Orphan Basin Duvernay Canada Piceance Marcellus & Utica Haynesville & Bossier Onshore China Wolfcamp & Avalon GOM Shelf DW China GOM DW Liberia Nigeria Angola…