Chevron Corporation · NYSE:CVX

Chevron — Merrill Lynch Global Energy Conference 2007

24 slides from Chevron's conference presentation, Nov 7, 2007

  1. Slide 1: Deep Water Gulf of Mexico

    Deep Water Gulf of Mexico Paul Siegele Vice President Deep Water Exploration & Projects Chevron North America Exploration and Production Merrill Lynch Global Energy Conference November 7, 2007 © Chevron 2007

  2. Slide 2: Cautionary Statement

    Cautionary Statement Cautionary Statement Relevant to Forward-Looking Information for the Purpose of “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995. This presentation of Chevron Corporation contains forward-looking statements relating to Chevron’s operations that ar

  3. Slide 3: Why Deep Water?

    Why Deep Water? „ Future oil demand is likely to remain strong „ Deep water is where the remaining big reserves are located „ Deep water drilling will account for 25% of offshore oil production by 2015, compared to just 9% now „ Innovative technologies will allow economic developments © Chevron 2007

  4. Slide 4: Chevron Manages a World-Class Portfolio of Projects

    Chevron Manages a World-Class Portfolio of Projects • TCO SGI/SGP Amauligak • Karachaganak • Tahiti II & III • Perdido • ACG I-III AOSP Expansion • Jack Piceance Basin • St. Malo • Blind Faith North Duri Plataforma Deltana • Agbami • Gehem • Nigeria • Gendalo EGTL • Usan • Frade • Nsiko • Tombua • P

  5. Slide 5: Chevron Manages a World-Class Portfolio of Projects and Deepwater Operations

    Chevron Manages a World-Class Portfolio of Projects and Deepwater Operations Faroes Canada Philippines U.S.A. Nigeria Australia Angola Brazil Chevron’s Major Deepwater Operations © Chevron 2007 5

  6. Slide 6: Industry Production from Deep Water is Moving Deeper at an Increasing Pace

    Industry Production from Deep Water is Moving Deeper at an Increasing Pace '50-'54 '90-'94 '55-'59 '60-'64 '65-'69 '85-'89 ’00-’05 '95-‘99 '75-'79 '70-'74 '80-'84 0 1500 Production Water Depth (f) 3000 4500 Exploration 1,680’ 6000 1,063’ 1,472’ 7500 9000 Empire 10,500 Compliant State Eiffel Tower Bu

  7. Slide 7: Deep Water Technical Challenges in Drilling

    Deep Water Gulf of Mexico Technical Challenges in Drilling Storms and hurricanes Sea Level Loop and eddy currents cause vortex induced vibrations and Empire State Gulf of Building ~500 Mexico motions to drill strings Meters Unpredictable high pressure gas 8,000’ Suprasalt charged stringers and fault

  8. Slide 8: Chevron continues to have a strong position in Deep Water discovered fields

    Chevron continues to have a strong position in Deep Water discovered fields 1000 900 Top 50 Gulf of Mexico Deep Water Fields Field size distribution from Wood Mackenzie database 800 Chevron Interest 700 600 Great White MMBOE Knotty Head Tahiti 500 Mad Dog St. Malo Tubular Bells Jack 400 Big Foot Pet

  9. Slide 9: Chevron's Deepwater Portfolio

    Chevron’s Deepwater Gulf of Mexico Portfolio Tahiti Development Blind Faith Development Perdido Fold Belt Development Jack Discovery New Orleans Houston Blind Faith Tubular Bells Tahiti Knotty Head Tonga Puma Big Foot Perdido St. Malo Jack © Chevron 2007 Exploration Appraisal Major Capital Projects

  10. Slide 10: Major Capital Projects – Tahiti Field Development

    Major Capital Projects – Gulf of Mexico Tahiti Field Development „ CVX operated (58%) „ Total capital: $3.5 Billion Field Development with „ 2 subsea drill centers producing to a Spar and Drill Centers truss Spar „ Water Depth: 4000’ „ 125 MBOPD/70 MMCFD peak production „ 400-500 MMBOE potentially r

  11. Slide 11: Major Capital Projects – Tahiti Spar Transported to Texas

    Major Capital Projects – Gulf of Mexico Tahiti Spar Transported to Texas © Chevron 2007 11

  12. Slide 12: Major Capital Projects – Tahiti Shackles

    Major Capital Projects – Gulf of Mexico Tahiti Shackles Shackle diameter = 7.5 – 8.5 inches Shackle weight = 2100 – 2800 pounds Shackles are used to connect chains and mooring components to the subsea piles and spar © Chevron 2007 12

  13. Slide 13: Major Capital Projects – Blind Faith Project

    Major Capital Projects – Gulf of Mexico Blind Faith Project New Topsides construction in Texas Orleans Blind Faith Tahiti Perdido Fold Belt „ CVX operated (62.5%) „ Subsea wells producing to a Semi-submersible facility „ Water Depth: 7,000’ Hull fabrication in Finland „ 40 MBOPD/35 MMCFD peak produc

  14. Slide 14: Hull & Moorings – Progress Photos

    Hull & Moorings – Progress Photos © Chevron 2007 14

  15. Slide 15: © Chevron 2007

    © Chevron 2007 15

  16. Slide 16: Perdido Fold Belt

    New Orleans Perdido Fold Belt Blind Faith Tahiti Perdido Fold Belt Perdido Regional Host & Export Tiger Pipeline Great Silvertip White ’ • Chevron has interest in multiple discoveries and ,,,, in the Tobago Regional Development Host • 8,500’- 9,500’ water depth • 200 miles to shore Trident • 60 mile

  17. Slide 17: © Chevron 2007

    ~ y waders - ea ee ee

  18. Slide 18: Chevron Wilcox Discoveries Emerging Lower Tertiary Trend

    Chevron Wilcox Discoveries Emerging Lower Tertiary Trend Potentially 3-15 BBOE Estimated Ultimate Reserves in the Lower Tertiary Wilcox Trend * Tobago Tiger St. Malo Great White Jack Chevron Discovery (Shell) Trident Chevron Leases Wilcox Trend © Chevron 2007 * Source: World Oil (May 2005) 18

  19. Slide 19: Emerging Lower Tertiary Trend Jack #2 Well Test Results

    Emerging Lower Tertiary Trend Jack #2 Well Test Results „ Drilled to a total depth of 28,175 feet „ Completed and tested in 7,000 feet of water, and more than 20,000 feet under the sea floor „ During the test, sustained a flow rate of more than 6,000 barrels of crude oil per day „ Testing represente

  20. Slide 20: Deep Water GOM Wells are among the Most Technically Challenging in the World

    Deep Water GOM Wells are among the Most Technically Challenging in the World Examples where we push the envelope… „ Deepest successful well test in the U.S. Gulf of Mexico with Jack 2 (28,175’), a well situated in 7,000 feet (2,135 meters) of water and extending more than 20,000 feet (6,100 meters)

  21. Slide 21: Deep Water Technology Breakthrough New Deep Water Drillship

    Deep Water Technology Breakthrough New Deep Water Drillship „ Most advanced drilling capabilities „ Dynamically positioned, with double-hull „ Two drilling systems in a single derrick „ Stronger and more efficient top drive so wells can be drilled deeper „ Other unique features will Transocean’s Dis

  22. Slide 22: Deep Water Facilities/Infrastructure Meeting Future Technology Challenges

    Deep Water Facilities/Infrastructure Meeting Future Technology Challenges Compliant Tower Future Floating Production System Model ~500 Meters „ Reliability of Facilities/Systems „ Flow Assurance of Product „ Long Distance Tiebacks „ Well Intervention Cost Reduction © Chevron 2007 22

  23. Slide 23: Summary

    Summary Deepwater is a complex, risky, and costly environment. Many technical challenges remain to be solved. Chevron is focused on finding solutions and providing the needed creativity and collaboration. „ Capable People „ World Class Safety Performance „ Innovative Technology „ Strong Partnerships

  24. Slide 24: Questions?

    Questions? © Chevron 2007 24

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