Chevron Boosts Oil and Natural Gas Recovery at Two Facilities in U.S. Gulf of Mexico

Chevron Corporation** (NYSE:CVX) today announced that it started water injection operations at two projects to boost oil and natural gas recovery at the company's existing Jack/St. Malo and Tahiti facilities in the deepwater U.S. Gulf of Mexico, where Chevron operations produce some of the world's lowest carbon intensity oil and gas.

"Delivery of these two projects maximizes returns from our existing resource base and contributes toward growing our production to 300,000 net barrels of oil equivalent per day in the U.S. Gulf of Mexico by 2026," said Bruce Niemeyer, president, Chevron Americas Exploration & Production. "These achievements follow the recent production startup at our high-pressure Anchor field, reinforcing Chevron's position as a leader in technological delivery and project execution in the Gulf."

At the Jack/St. Malo facility, Chevron achieved first water injection at the St. Malo field, the company's first waterflood project in the deepwater Wilcox trend. The project was delivered under budget, with the addition of water injection facilities, two new production wells, and two new injection wells. It is expected to add approximately 175 million barrels of oil equivalent to the St. Malo field's gross ultimate recovery.

The St. Malo field and Jack/St. Malo facility are approximately 280 miles (450 km) south of New Orleans, La., in approximately 7,000 feet (2,134 m) of water. Since the fields started production in 2014, Jack and St. Malo together have cumulatively produced almost 400 million gross barrels of oil equivalent.

At the Tahiti facility, located approximately 190 miles (306 km) south of New Orleans in around 4,100 feet (1,250 m) of water, Chevron started injecting water into its first deepwater Gulf producer-to-injector conversion wells. The project included installation of a new water injection manifold and 20,000 feet of flexible water injection flowline.

Bolstered by multiple development projects since the start of operations in 2009, the Tahiti facility recently surpassed 500 million gross barrels of oil-equivalent cumulative production. The company continues to study advanced drilling, completion, and production technologies that could be employed in future development phases at Tahiti and Jack/St. Malo with the potential to further increase recovery from these fields.

Chevron, through its subsidiary Union Oil Company of California, is operator of the St. Malo field and, together with its subsidiary Chevron U.S.A. Inc., holds a 51 percent working interest. Co-owners MP Gulf of Mexico, LLC owns a 25 percent interest; Equinor Gulf of Mexico LLC, 21.5 percent; Exxon Mobil Corporation, 1.25 percent; and Eni Petroleum US LLC, 1.25 percent.

Chevron U.S.A Inc. is operator of the Tahiti facility with a 58 percent working interest. Co-owners Equinor Gulf of Mexico LLC and TotalEnergies E&P USA, Inc. hold 25 percent and 17 percent stakes, respectively.

About Chevron

Chevron is one of the world's leading integrated energy companies. We believe affordable, reliable, and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies. More information about Chevron is available at www.chevron.com.

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