1. Deep Water
Gulf of Mexico
Brian Smith
General Manager, Major Capital Projects
James Cearley
General Manager, Exploration
Deep Water Exploration & Projects
Chevron North America Exploration and Production
Credit Suisse Investor Group, St. Regis Hotel, Houston
November 20th, 2008
© Chevron 2007

2. Cautionary Statement
CAUTIONARY STATEMENTS 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 are based on
management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries.
Words such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “budgets”
and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to
predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking
statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this
presentation. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as
a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are crude
oil and natural gas prices; refining margins and marketing margins; chemicals prices and margins; actions of competitors; timing of
exploration expenses; the competitiveness of alternate energy sources or product substitutes; technological developments; the results
of operations and financial condition of equity affiliates; the inability or failure of the company’s joint-venture partners to fund their
share of operations and development activities; the potential failure to achieve expected net production from existing and future crude
oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the
potential disruption or interruption of the company’s net production or manufacturing facilities or delivery/transportation networks due
to war, accidents, political events, civil unrest, severe weather or crude-oil production quotas that might be imposed by OPEC
(Organization of Petroleum Exporting Countries); the potential liability for remedial actions or assessments under existing or future
environmental regulations and litigation; significant investment or product changes under existing or future environmental statutes,
regulations and litigation; the potential liability resulting from pending or future litigation; the company’s acquisition or disposition of
assets; gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, changes
in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; the effects
of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and the factors set
forth under the heading “Risk Factors” on pages 32 and 33 of the company’s 2007 Annual Report on Form 10-K/A. In addition, such
statements could be affected by general domestic and international economic and political conditions. Unpredictable or unknown
factors not discussed in this presentation could also have material adverse effects on forward-looking statements.
U.S. Securities and Exchange Commission (SEC) rules permit oil and gas companies to disclose only proved reserves in their filings with
the SEC. Certain terms, such as “resources,” “undeveloped gas resources,” “oil in place,” “recoverable reserves,” and “recoverable
resources,” among others, may be used in this presentation to describe certain oil and gas properties that are not permitted to be used
in filings with the SEC. In addition, SEC regulations define oil-sands reserves as mining-related and not a part of conventional oil and
gas reserves.
2
© Chevron 2008

3. 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 Global Deepwater
offshore oil production by
2015, compared to just 9%
now
Innovative technologies will
allow economic developments
3
© Chevron 2008

4. Chevron Manages a World-Class Portfolio
of Projects and Deepwater Operations
Faroes
Canada
U.S.A.
Philippines
Nigeria
Australia
Angola
Brazil
Chevron’s Major Deepwater Operations
4
© Chevron 2008

5. Chevron Manages a World-Class Portfolio
of Projects and Deepwater Operations
• TCO SGI/SGP
Faroes
• Karachaganak
Amauligak
II & III
• Tahiti
• ACG I-III
• Perdido
AOSP Expansion
• Jack
Canada
Piceance Basin • St. Malo
• Blind Faith
U.S.A.
North Duri Philippines
• Agbami
Plataforma Deltana Nigeria
• Gehem • Nigeria
Australia EGTL
• Gendalo Angola
• Usan
• Frade • Nsiko
Brazil
• Tombua
• Papa-Terra BC-20 • Bonga
Landana
SW/
• Gorgon
• BBLT Aparo
• Wheatstone
• Angola • Olokola
LNG LNG
Chevron’s Major Deepwater
Capital Projects
• Chad
Projects shown are >$1Billion C&E net Chevron share except for BBLT
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© Chevron 2008

6. 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
Exploration
4500
1,680’
6000 1,063’
1,472’
7500
9000
Empire
10,500 Compliant Eiffel
State
Tower Tower
Building
11,300
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© Chevron 2008

7. Technology is Pushing the Envelope on
Water Depths
Under 4,000’ of water and
five miles below the seabed
“Tahiti”
Gulf of Mexico
Drilling in depths that only yesterday seemed impossible…
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© Chevron 2008

8. 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
motions to drill strings
Building ~500 Mexico
Meters
Unpredictable high pressure gas
8,000’ charged stringers and faults
Suprasalt
Sediment near surface
Mobile/flow-able/dissolvable
10,000’ thick salt canopy with
Allochthonous Sigsbee
16,000’ Salt Canopy unpredictable layers of highly
variable trapped sediments
Unpredictable base of salt –
Upper Tertiary
rapid pressure differentials
24,000’ Sediments
“Thief zones” of significantly
lower pressure which cause lost
circulation – fluid loss
Lower
Tertiary
32,000’
Cretaceous Ultra-deep reservoir with high
temperatures, high pressures
Autochthonous Salt
and low natural flow-ability
Basement
40,000’
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© Chevron 2008

9. Deep Water Gulf of Mexico
GOM Deepwater Well Complexity
A Bird’s Eye View
Gulf of Mexico Deepwater Conventional Deepwater
Casing Program: Casing Program:
36” – 7 3/4” 30” – 7”
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© Chevron 2008

10. Chevron continues to have a strong
position in Deep Water discovered fields
1000
Top 50 Gulf of Mexico Deep Water Fields
900
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
Petronius
300
Blind Faith
Genesis
Puma
Gotcha
200
Trident
Tonga
K2
100
0
10
© Chevron 2008

11. 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
Puma
Tonga
Big Foot
Perdido
St. Malo
Jack
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© Chevron 2008 Exploration Appraisal Major Capital Projects
2007 -2010

12. Major Capital Projects – Gulf of Mexico
Tahiti Field Development
CVX operated (58%)
Total capital: $4.7 Billion
Field Development with
Spar and Drill Centers 2 subsea drill centers producing
to a truss Spar
Water Depth: 4000’
125 MBOPD/70 MMCFD
peak production
400-500 MMBOE potentially
recoverable
Current Activity: Hull and
Topsides installed. HUC
underway
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© Chevron 2008

13. Major Capital Projects – Gulf of Mexico
Tahiti Spar Transported to Texas
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© Chevron 2008

14. Major Capital Projects – Gulf of Mexico
Tahiti Spar Transported Offshore and Uprighted
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© Chevron 2008

15. Major Capital Projects – Gulf of Mexico
Topsides Installation Completed August 8th, 2008
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© Chevron 2008

16. Major Capital Projects – Gulf of Mexico
Blind Faith Project
Topsides construction, Louisiana
New
Orleans
Blind Faith
Tahiti
Perdido Fold Belt
CVX operated (75%)
Subsea wells producing to a
Hull fabrication, Finland
Semi-submersible facility
Water Depth: 7,000’
60 MBOPD/60 MMCFD peak
production
First Oil: 2008
100 MMBOE potentially
recoverable
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© Chevron 2008

17. Topsides Lift at
Kiewit
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© Chevron 2008

18. Blind Faith – Ready to Leave Kiewit
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© Chevron 2008

19. Blind Faith – Under Tow, on Location,
control room and first oil
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© Chevron 2008

20. Perdido Regional
New
Development
Orleans
Blind Faith
Tahiti
Perdido Fold Belt
Whale (Explor)
Chevron = 100%
Silvertip
Chevron = 60%
Shell(Op)
• Chevron has interest in
multiple discoveries and in the
Regional Development Host
Whale
• 8,000’- 9,500’ water depth
Perdido Regional Silvertip
’
Host & • 215 miles to shore
Export Pipeline
• 65 miles to nearest
infrastructure
AC 856
• Development drilling and
Tobago
Total/Nexen
,,,,
facilities fabrication underway
Trident
Great White
Great White Trident
Tobago
Chevron = 33.3% Chevron (Op) = 70%
Chevron = 57.5%
Shell(Op), BP Statoil, ENI, Devon
Shell(Op), Nexen
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© Chevron 2008

21. Perdido Fields Layout
Key Features :
• Well Count
Silvertip
•26 Producers Regional Direct
•5 Injectors
Vertical Access Host
• Name Plate Capacity
•100,000 BOPD
•200 MMCFPD
•40,000 BWPD
•80,000 BWPD
Water Injection
Subsea Separator/Boosting System
(SBS)
Water injectors
Tobago
Frio Pilot
Southwest
Cluster 21
© Chevron 2008

22. Perdido Hull Offshore
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© Chevron 2008

23. Miocene & Lower Tertiary Discoveries in
the Deepwater Gulf of Mexico
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© Chevron 2008

24. 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 represented approximately 40 percent
of the total net pay measured in the well
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© Chevron 2008

25. 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) beneath the seafloor
New drilling depth record (34,189’)
for the U.S. Gulf of Mexico at Knotty
Head
World record for successfully drilling
a well in the deepest water depth
(10,011’) in the Perdido Fold Belt
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© Chevron 2008

26. Success Requires Expertise in
Critical Technologies
Challenge Technology
Regional Geology
Extensive Salt Canopy
Seismic Imaging
Structural Complexity
Drilling
Few Wells
6,000’ (1800 m)
7,500’ (2300 m)
US
10000’ (3000 m)
m)
Mexico
00
’ (4
00
13
26
© Chevron 2008

27. Development Scale Subsalt Imaging
Detailed velocity modeling results in significantly improved images
Regional Velocity Model Development Scale Velocity Model
Data Courtesy of WesternGeco
The latest seismic acquisition technologies, analysis of the sediment velocity field and
detailed salt modeling are key to delivering high quality images in the Deepwater. 27
© Chevron 2008

28. Deep Water Drilling & Completions
Meeting Future Technology Challenges
Drilling and completions
technology
Integrated technology solution
Seismic imaging
Reservoir modeling
Rock mechanics
Drilling operations
Real-time monitoring
Live video camera
and feed from rig
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© Chevron 2008

29. 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 Discoverer Clear Leader
target drilling wells up to
40,000 feet of total depth
Variable deckload of over 20,000 metric tons; capable
of drilling in water depths of up to 12,000 feet
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© Chevron 2008

30. Deep Water Facilities/Infrastructure
Meeting Future Technology Challenges
Future Floating Production System Model
Compliant Tower
~500 Meters
Reliability of Facilities/Systems
Flow Assurance of Product
Long Distance Tiebacks
Well Intervention Cost Reduction
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© Chevron 2008

31. Summary
Deepwater is a complex, risky, and
costly environment. Many technical
challenges remain to be solved.
The industry is focused on finding
solutions and providing the needed
creativity and collaboration.
Capable People
World Class Safety Performance
Innovative Technology
Strong Partnerships
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© Chevron 2008

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© Chevron 2008