Chevron and JOVO Sign LNG Agreement

Chevron to supply 0.5 million metric tonnes of liquefied natural gas annually for 5 years

Perth, Western Australia., July 21, 2016 – Chevron Corporation (NYSE: CVX) today announced that its wholly-owned subsidiary, Chevron U.S.A. Inc., has signed a Key Terms Agreement with Singapore Carbon Hydrogen Energy Pte. Ltd., a subsidiary of JOVO, for the delivery of liquefied natural gas (LNG) from Chevron’s global supply portfolio. When the LNG Sale and Purchase Agreement is finalized, JOVO is expected to receive up to 0.5 million metric tonnes per annum of LNG over five years, with the first delivery expected to arrive in 2018.

“This agreement is another important step in the commercialisation of Chevron’s natural gas holdings,” said Mike Wirth, executive vice president, Chevron Midstream and Development. “We are positioned to become one of the top 10 LNG suppliers in the world.”

JOVO is a privately-owned Chinese energy company. Its LNG business portfolio includes a LNG receiving terminal, tank truck operations, urban pipelines for natural gas, automobile gas refilling stations, direct industrial clients, power plant customers and exclusive management of an industrial park in South China.

Chevron is one of the world's leading integrated energy companies and through its Australian subsidiaries, has been present in Australia for more than 60 years. With the ingenuity and commitment of thousands of workers, Chevron Australia leads the development of the Gorgon and Wheatstone natural gas projects; manages its equal one-sixth interest in the North West Shelf Venture; operates Australia’s largest onshore oilfield on Barrow Island, is a significant investor in exploration offshore Australia and provides operational support to exploration assets operated by its affiliates in New Zealand. www.chevronaustralia.com

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