Chevron Provides Estimate of Total Volume of Oil from Seep Lines

SAN RAMON, CA--November 23, 2011: Chevron Corporation reports that its subsidiary, Chevron Brasil Upstream Frade Ltda., has issued an estimate of total oil volume from ocean floor seep lines in the vicinity of its Frade Field.

Chevron believes that approximately 2,400 barrels of oil have been emitted to date since seeps were first detected on November 9. The company notes that this estimate is within the current range of 1,600 to 2,640 barrels provided by Brazil's National Petroleum Agency (ANP).

Regarding the company's emergency response initiatives, Chevron strongly asserts that its personnel were trained and prepared to address a potential incident of this type and responded immediately from the moment of first notification. The company again notes that its combined efforts greatly diminished the size of the sheen and stopped the source of the seep flow within only four days of first detection.

The surface sheen continues to dissipate and its volume is now less than 18 barrels of oil. Chevron believes no new oil is leaking from the reservoir.

Chevron will evaluate and respond appropriately to any and all assessment notices from Brazilian government authorities. Chevron respects and complies with the laws of the countries in which it operates.

A timeline of the Frade Field incident, a drilling schematic and updated video footage of the ocean floor seeps is available on Chevron's Media Updates page.

Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif.